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Clearly Contacts $10m Loss

Coastal Contacts, the Canadian online eyewear retailer marketed as Clearly Contacts, has posted a six-month loss of CA$10,440 million to 30 April 2013, reflecting investment in a new glasses...
September 29, 2013 12:00 pm

Clearly Contacts $10m Loss

Coastal Contacts, the Canadian online eyewear retailer marketed as Clearly Contacts, has posted a six-month loss of CA$10,440 million to 30 April 2013, reflecting investment in a new glasses production and distribution facility and a new retail location.[/vc_column_text][/vc_column]

Sales for the six months to April 30 were $44,474m compared to $39,829m for the same six months in 2012 and the company’s profit grew by 41 per cent in the same period.

Coastal Contact’s sales comprise 70 per cent contact lenses (down from 75 per cent in 2012) and 30 per cent sunglasses. According to its financial report, over 70 per cent of contact lens revenues and orders were generated from existing customers.

For the six months ended 30 April 2013, glasses sales, driven by promotions aimed at customer acquisition, were $29.9 million, an increase of 33 per cent for the same period in the previous year.

Coastal Contacts reported sales in the USA and Canada were the strongest (comprising 29 per cent and 23 per cent of total sales respectively). Sales in Australia were not specified but were reported to be ‘strong’.

During the quarter ended 30 April 2013, Coastal Contacts raised US$20.7 million in a share issue, which is intended to accelerate its customer acquisition strategy, make capital investments and fund growth in new and existing distribution channels.