Coastal.com U.S. Eyeglasses Business Accelerates 95% in Q1, 2013
February 13 2013 - 9:00AM
Coastal.com (Nasdaq:COA) (TSX:COA) (Stockholm:COA), the leading
online provider of eyewear, announced today that for the first
quarter ended January 31, 2013, eyeglasses revenue in the U.S.
increased approximately 95% compared with the first quarter of
2012. Eyeglasses units in the U.S. market also grew approximately
95% in the first quarter of 2013 compared to the same period in
2012. Also during the first quarter ended January 31, 2013,
eyeglasses revenue in Canada increased approximately 36% and
eyeglasses unit sales in Canada increased approximately 31% when
compared to the first quarter of 2012, driven by increasing average
order size of returning customers in the Canadian market.
Coastal.com's total worldwide eyeglasses sales for the
quarter were approximately $14 million. "At Coastal.com, our focus
is on driving market awareness and adoption of first time
eyeglasses customers. Our goal is to blow them away with service,
quality and speed and create customers for life. We believe that
once they have that positive customer experience, a significant
number of them will return and buy additional eyeglasses and will
share their experience with friends and family," commented Roger
Hardy, Coastal.com's founder and CEO. "The momentum in our
eyeglasses business continues to build, thanks in part to the large
and growing power of social media. During January 2013, customers
surveyed on their experience buying eyeglasses from Coastal.com
reported an increase in their NPS (Net Promoter Score) rating to
77%, the highest we have seen since we began tracking this metric.
This increase is gratifying for the entire Coastal.com team and is
a great leading indicator for the category as a whole. We are
excited to see customers being so thrilled with the experience of
buying their eyewear online. It's a great start to 2013."
Coastal.com will release full unaudited financial results for the
first fiscal quarter of 2013 ended January 31, 2013 on March 11,
2013.
About Coastal.com
Coastal.com is one of the largest online retailers of eyewear in
the world. Coastal.com empowers customers to easily browse, try on
and buy eyewear—saving time, money and sanity. With every pair of
qualifying frames purchased, Coastal.com donates a pair to someone
in need through its Change the View project. Founded in 2000,
Coastal.com designs, produces and distributes the largest selection
of glasses and contact lenses on the Internet, including a unique
combination of designer glasses, contact lenses, sunglasses, and
vision care accessories. Coastal.com serves customers in more than
150 countries through the Coastal Contacts Inc. family of websites
including: Coastal.com, ClearlyContacts.ca, Lensway.com,
Lensway.co.uk, Lensway.se, Lensway.com.br, ClearlyContacts.com.au,
ClearlyContacts.co.nz, Contactsan.com, and Coastallens.com.
Cautionary Note Regarding Forward-Looking Statements
This News Release may contain "forward-looking statements" as
defined in the U.S. Securities Act of 1933, the U.S. Securities
Exchange Act of 1934, the Private Securities Litigation Reform Act
of 1995 and applicable Canadian securities legislation concerning
the business, operations and financial performance and condition of
Coastal. Statements that are not historical fact are
forward-looking statements. The words "may", "would", "could",
"will", "intend", "plan", "anticipate", "believe", "estimate",
"expect", "goal", "target", "should," "likely," "potential,"
"continue," "project," "forecast," "prospects," and similar
expressions typically are used to identify forward-looking
statements. Examples of such forward-looking statements
include statements relating to: Coastal's perception of the contact
lens and eyeglasses industry or market and anticipated trends in
that market in any of the countries in which Coastal does business;
its anticipated ability to procure products and supplies, or the
terms under which it procures products and supplies; Coastal's
anticipated business operations, inventory levels, ability to
handle specific order and call volumes, ability to fill and ship
orders in a timely manner, ability to achieve greater marketing
efficiency or similar statements; ability to increase its
production; plans for capital expenditure plans; relationships with
suppliers; anticipated results of operations, including but not
limited to anticipated sales, revenues, earnings, tax benefits or
similar matters; the effects of seasonality; sufficiency of cash
flows; and Coastal's perceptions regarding volatility in and impact
of foreign currency exchange rates.
Forward-looking statements are based on the then current
expectations, beliefs, assumptions, estimates and forecasts about
Coastal's business and the industry and markets in which it
operates. Forward-looking statements are not guarantees of
future performance and involve risks, uncertainties and assumptions
which are difficult to predict. Assumptions underlying Coastal's
expectations regarding forward-looking statements or information
contained herein include, among others: that Coastal will maintain
its position in the markets it operates in and will expand into
other markets in a favorable manner; that it will have sufficient
capital to continue making investments in advertising, inventory,
property, equipment and leasehold improvements as well as personnel
to support its business and new product lines, including its
eyeglasses business; that Coastal will be able to generate and
maintain sufficient cash flows to support its operations; that it
will be successful in complying with industry regulatory
requirements in British Columbia and other jurisdictions; that
Coastal will be able to establish and/or maintain necessary
relationships with suppliers; and that it will retain key
personnel. The foregoing list of assumptions is not exhaustive.
Readers are cautioned that forward-looking statements or
information are only predictions, and that Coastal's actual future
results or performance may be materially different due to a number
of factors. These factors include, but are not limited to:
changes in the market; potential downturns in economic conditions;
consumer credit risk; Coastal's ability to implement its business
strategies; competition; limited suppliers; inventory risk;
disruption in its distribution facilities; mergers and
acquisitions; foreign currency exchange rate fluctuations;
regulatory requirements; demand for products Coastal sells;
competition and dependence on the internet as well as those risks
described in the securities filings of Coastal.
Although Coastal believes that its plans, intentions and
expectations reflected in or suggested by such forward-looking
statements are reasonable, actual results could differ materially
from a projection or assumption in any of its forward-looking
statements. Coastal's future financial condition and results of
operations, as well as any forward-looking statements, are subject
to change and inherent risks and uncertainties. The forward-looking
statements contained herein are made only as of the date hereof.
Coastal does not have, or undertake, any obligation to update or
revise any forward-looking statements whether as a result of new
information, subsequent events or otherwise, unless otherwise
required by law.
CONTACT: Terry Vanderkruyk
Vice President, Corporate Development
Coastal.com
604.676.4498
terryv@coastal.com
Liolios Group Inc.
Scott Liolios or Cody Slach
949.574.3860
COA@liolios.com