VANCOUVER, BC, July 22,
2022 /CNW/ - Kits Eyecare Ltd. (KITS) (TSX: KITS). In
Q2 2022, KITS delivered more than 74,000 pairs of eyeglasses. Our
focus on building a meaningful eyeglasses business continued in Q2
2022 as eyeglasses delivered increased more than 70% per cent year
over year. We achieved this while reducing marketing spend on
eyeglasses compared to Q2 2021. Customer satisfaction metrics and
online reviews continued to be category leading and drove the
increase in eyeglasses orders.
There is a tremendous demand for our vertically integrated
direct-to-consumer vision care offering which remains flexible and
unencumbered by costly retail locations and is driven by word of
mouth engagement. We estimate that a traditional retailer would
require more than 140 brick and mortar locations to improve this
many peoples' vision.
Our eyeglasses selection has now grown to over 750 unique styles
and brands including several seasonal sunglasses collections.
Returning customers grew to over 21,000 pairs of eyeglasses, nearly
30% of all eyeglasses delivered. The KITS vertically
integrated onshore optical lab which includes the ability to make
digital progressive lenses, has allowed the company to avoid supply
chain disruptions and to maintain a healthy gross margin, while
delivering prescription glasses to customers in as little as one
day.
We continue to grow our glasses business, while maintaining a
strong balance sheet. Cash balance improved to $19 million in the quarter, and inventory
remained balanced during the quarter to protect against future
supply chain concerns.
In August 2022 we will announce
our Q2 results. Final numbers could vary. KITS Eyeglasses orders
delivered represent only one measure of the company's financial
performance and should not be relied on as an indicator of
quarterly financial results, which depend on a variety of factors,
including the cost of sales, and foreign exchange movements.
SOURCE KITS
