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Coastal.com Announces Fiscal 2013 Financial Results

Stocks in this article: COA

  • Total sales increased $22 million or 11% to $218 million
  • Glasses sales increased 21% to $58 million
  • Glasses Average Order Value increased 34% to $77
  • Returning glasses order values increased 41% to $141
  • Contact lens sales increased 8% to $160 million
  • 48 th consecutive quarter of year-over-year revenue growth

VANCOUVER, British Columbia, Jan. 21, 2014 (GLOBE NEWSWIRE) -- Coastal Contacts Inc. ("Coastal.com" or "the Company") (Nasdaq:COA) (TSX:COA), the leading global manufacturer and digital retailer of high-quality glasses and contact lenses today announced financial results for the fourth fiscal quarter and fiscal year ended October 31, 2013.

"Coastal.com had an extremely productive year in 2013 as we continue to lead the industry change towards a new and better way to buy eyewear," said Roger Hardy, founder and CEO. "Our contact lens business continued to show strength, growing organically 8% to approximately $160 million in sales with consistent EBITDA margins. The eyeglasses category had a number of highlights, growing revenues 21% to $58 million, with a strong focus on increased average order size from returning customers.

Looking forward, Coastal.com's focus is to provide our customers with the best service in the eyewear category. We constantly survey our customers around the world and are pleased to report that we routinely enjoy industry leading Net Promoter Scores. Having unbeatable customer service positions Coastal.com well for the secular shift that is occurring as consumers increasingly use the Internet to search for and purchase eyewear. Our experience tells us that delivering a great experience to consumers will inspire them to return again and again in coming years.

A key development this year was the establishment of our U.S. manufacturing and distribution facility designed to extend our unique offering and customer experience for U.S. customers. We intend to continue expanding our eyeglasses business in a number of ways including direct to consumer marketing, retail stores and showrooms, partnership opportunities such as the recent agreement announced with Overstock.com and through co-branded partnerships with leading managed care organizations.

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