KITS Q2 2022 EYEGLASSES GROWTH CONTINUES

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

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