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COA Coats Group Plc

87.60
-0.90 (-1.02%)
19 Jul 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Coats Group Plc LSE:COA London Ordinary Share GB00B4YZN328 ORD 5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.90 -1.02% 87.60 87.10 87.20 88.00 86.90 87.60 725,604 16:35:17
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Textile Goods, Nec 1.42B 56.5M 0.0355 24.56 1.41B

Coastal Contacts' Online Eyeglasses Business Experiencing Rapid Growth

10/05/2010 12:17pm

GlobeNewswire Inc.


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Coastal Contacts Inc. (TSX:COA) (Stockholm:COA) ("Coastal Contacts"or "Coastal"), the leading online retailer of contact lenses and prescription eyeglasses, today announced that for the second fiscal quarter, period ending April 30, 2010, the Company shipped more than 60,000 pairs of eyeglasses and generated eyeglasses revenue of approximately $4.7 million. This represents an increase of 24% over the first fiscal quarter of 2010.

Coastal intends to provide full unaudited financials for the second fiscal quarter of 2010 in June, 2010.

 "Coastal's eyeglasses sales results in our second fiscal quarter speak to the compelling business opportunity Coastal continues to invest in," stated Steve Wallace, Coastal's Vice President of Sales. "Since launching this category approximately two years ago, we have received positive feedback from thousands of customers who are delighted to know that it is now possible to buy a high quality pair of eyeglasses at an affordable price and have them delivered quickly. Coastal is well positioned to be a leader in this emerging category."

As reported previously, Coastal Contacts is expanding its North American eyeglasses manufacturing capacity to meet consumer demand.   By mid 2010, Coastal expects to be able to produce up to 4,500 pairs of eyeglasses a day from its North American facility. The Company also plans to expand manufacturing capacity in its European facility.

Coastal sells a wide range of leading branded and private label eyeglasses frames including Nike, Gucci, Calvin Klein, Armani, and Tony Stewart Nascar.    The Company also recently added Transitions® Lenses to its offering.

Coastal's historical revenue for the eyeglasses category over the past six fiscal quarters ($'000,000's):

Q1, 2009

1.3

Q2, 2009

1.9

Q3, 2009

2.7

Q4, 2009

3.2

Q1, 2010

3.8

Q2, 2010

4.7

About Coastal Contacts:

Coastal Contacts Inc. is the world's leading direct-to-consumer vision products company which designs, produces and distributes a diversified offering of contact lenses and eyeglasses.  Coastal's unique combination of branded and private label products represent quality, value and above all, service.  Coastal sells into more than 150 countries through proprietary web properties which reflect the culture and consumer preference of the target market.  As new markets for eyeglasses and contact lenses evolve, the Company is positioned to become the vision product consumer's retailer of choice owing to its compelling value proposition combining value and service.  A leader in many of its markets, Coastal is rapidly advancing toward its goal of becoming the "World's Optical Store".

Forward Looking Statements

All statements made in this news release, other than statements of 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.

Forward-looking statements are based on the then-current expectations, beliefs, assumptions, estimates and forecasts about our business and the industry and markets in which we operate. Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions which are difficult to predict.

Persons reading this news release are cautioned that forward-looking statements or information are only predictions, and that our actual future results or performance may be materially different due to a number of factors. Reference should also be made to the section entitled "Risk Factors" contained in our most recently filed Annual Information Form dated January 29, 2010 and in the NASDAQ OMX Stockholm listing prospectus dated October 14, 2009, as filed on Sedar and with the Swedish Financial Supervisory Authority, for a detailed description of the risks and uncertainties relating to our business. These risks, as well as others, could cause actual results and events to vary significantly. Accordingly, readers should not place undue reliance on forward-looking statements and information, which are qualified in their entirety by this cautionary statement. These forward-looking statements are made as of the date of this news release and we expressly disclaim any intent or obligation to update these forward-looking statements, unless we specifically state otherwise and except as required by applicable law.

CONTACT:  Coastal Contacts Inc.

Terry Vanderkruyk , Vice President, Corporate Development

604.676.4498

terryv@coastalcontacts.com

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