Coastal.com U.S. Eyeglasses Business Accelerates 95% in Q1, 2013
VANCOUVER, British Columbia, Feb. 13, 2013 (GLOBE NEWSWIRE) -- 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.
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
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
Liolios Group Inc.
Scott Liolios or Cody Slach
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