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Thread: eyeglasses orders record of approximately $2.0 million last week.....................

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    Redhot Jumper eyeglasses orders record of approximately $2.0 million last week.....................

    VANCOUVER, British Columbia, March 23, 2011 (GLOBE NEWSWIRE)

    -- Coastal Contacts Inc. (TSX:COA) (Stockholm:COA), the worlds largest online retailer of eyeglasses and contact lenses announced today that the Company generated an eyeglasses orders record of approximately $2.0 million last week. Total units for the period were more than 28,000 pairs of eyeglasses.

    "Coastal continues to experience growing consumer demand for our unique eyeglasses offering," stated Roger Hardy, Coastal Contacts, Founder and CEO. "We are seeing increasing demand from new customers as well as strong demand from repeat customers as we move into the seasonally stronger eyeglasses periods. Two trends stood out last week. First, that the average eyeglasses customer is ordering 1.4 pairs of eyeglasses as Coastal's product offering encourages customers to own more than one pair of eyeglasses. Secondly, that our team has the ability to design and create our own brands which are generating compelling sales inside this category.

    The top ten selling frames during the week were dominated by Coastal's exclusive brands including Derek Cardigan, Joseph Marc, Kam Dhillon and Ltede."

    The Company reports that during the week the top ten selling frames were:

    Derek Cardigan 7003
    Black Joseph Marc 4021
    Green Kam Dhillon 3017
    Purple Kam Dhillon 3014
    Chocoholic Kam Dhillon 3015
    Twilight Semi-Rimless
    Joseph Marc 3027
    Black Derek Cardigan 7004
    Black Ltede 1001
    Kam Dhillon Joseph Marc 4024

    Gunmetal Orders is a non-GAAP measure defined as orders placed by customers in the time period referenced through our websites or our call centers. The nearest GAAP measure, sales, differs from orders in that sales reflect orders that have shipped, net of cancellations, returns and exchanges. Coastal is reporting orders as the Company believes that its investors may use this figure to make more informed investment decisions about the Company. Orders is a non-GAAP measure that does not have any standardized meaning prescribed by Canadian GAAP, is therefore unlikely to be comparable to similar measures presented by other companies and should be considered in addition to, and not as a substitute for, sales and other measures of financial performance reported in accordance with Canadian GAAP.
    About Coastal Contacts Inc.

    Coastal Contacts Inc. has quickly become the world's leading online retailer of vision care products, attributable to a combination of fast delivery, a customer-centric approach and great selection at the lowest possible prices. Founded in 2000, Coastal designs, produces and distributes the largest selection of eyeglasses and contact lenses on the Internet, including a unique combination of designer eyeglasses, contact lenses, sunglasses, and vision care accessories.

    Coastal Contacts services customers in more than 150 countries through the Coastal Contacts family of websites including: CoastalContacts.com, ClearlyContacts.ca, Lensway.com, Lensway.co.uk, Lensway.se, ClearlyContacts.com.au, ClearlyContacts.co.nz, Contactsan.com, Yasuilens.com, Maxlens.com, and Coastallens.com.

    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 28, 2011 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: Terry Vanderkruyk Vice President, Corporate Development Coastal Contacts Inc. 604.676.4498 terryv@coastalcontacts.comSource: Coastal Contacts Inc.

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    Bad address email on file AMIGODIANA's Avatar
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    tooo long ... i not patient to read .... :(

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    Chris,

    Sad isn't it... I was at a conference in Green Bay and enjoyed a class where the topic was online eyewear in our industry. The gal teaching the class recently concluded a study on the topic. She purchased a pair of SV Poly lens w/ A/R and a frame from Coastal Contacts for just over $17 w/ shipping. She noted the quality may not stand up but they were made to ANSI standards. They did not look bad at all..... The class was very sobering....

    Rob

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    It's funny, I read all the surveys done by the trade press and the concerns are on managed care...., not one person seems to be concerned about online retailers and how to compete, everybody talks about it, but it seems like it is easier to ... than actually do something. We ran a post http://theopticalvisionsite.com/sale...nline-eyewear/ and it was the least click thru post of the day and week.

    As a follow up, we ran http://theopticalvisionsite.com/sale...on-in-one-day/ with how to compete on line, it again, was one of our least click thrus.

    I ask why? Isn't anyone concerned?

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    Blue Jumper I ask why? Isn't anyone concerned?..............................

    Quote Originally Posted by opticalcathy View Post

    As a follow up, we ran http://theopticalvisionsite.com/sales/coastal-contacts-sells-more-than-1-1-million-in-one-day/ with how to compete on line, it again, was one of our least click thrus.

    I ask why? Isn't anyone concerned?


    opticalcathy..................A large part of OptiBoarders are employed, but it seems that they are in responsible jobs, have time during the day to go on the internet and talk optics.

    I my view watching the website rankings in traffic to them. Websites that are selling will make more sales as their traffic increases. The more they get known the more traffic they will get and the more sales they make.

    Opticians here on OptiBoard try to get around it, are snoddy about it. I have seen a few jobs done by some of these on line opticals and there was nothing wrong with them optically.

    Discussions here are very negative and no real solutions are discussed. Service is to be refused is the general opinion, even at a decent charge.

    The world is changing, opticians could easy do service right in their shop and that beats any on line service, that takes days to get there and days to get back.

    These post's never get a good viewers count here too..........................

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    I know, it was just a rant, and an online strategy is up to the owner. But I keep thinking back to 1800 contacts and how many offices were in an uproar but seemed to do nothing (this is going back years) With technology today, it is easier than ever to compete. We will keep trying to do our best!

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    Blue Jumper your website has now passed VM ......................

    .................and by the way opticalcathy, your website has now passed VM in Alexa traffic ranks at 620,875 and is now number 1 on my listing of Optical magazines and on line information. So you should be able to pull some weight in optical publishing. Congratulations. (and this is no April joke)

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    OptiBoardaholic
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    My opinion is that online will grow but will not wipe out bricks and mortar shops completely, but anyone who does not think there will be significan casualties is naive. The savvy retailers will develop an online presence and use this to drive traffic to their shops. But sales in optical shops will generally decline. Eventually an accountant at an insurance company will come up with the idea to sell online and basically force its insured to buy online direct from the insurer.

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    Blue Jumper

    Quote Originally Posted by Stan Tabor View Post

    My opinion is that online will grow but will not wipe out bricks and mortar shops completely, but anyone who does not think there will be significan casualties is naive. The savvy retailers will develop an online presence and use this to drive traffic to their shops. But sales in optical shops will generally decline. Eventually an accountant at an insurance company will come up with the idea to sell online and basically force its insured to buy online direct from the insurer.
    It for sure will not be too long until the insurance companies will cooperate with the on line opticals. Lots of reasons paying less or consumers wanting lower premiums because of it.

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    VSP is already well on its way: http://eyeconic.com

    Online is not going to replace B&M though, never will. Consider that online still isn't even close to being the dominant distribution channel for contact lenses. And those are completely commoditized & have no style factor. With glasses, just like with clothes, people want to try them on. Zappos didn't put Payless or Macy's shoe department out of business - far from it. Same thing with eyewear.

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    We have been discussing this topic for a big while, I agree, yes, online won't replace the B&M business, but will surely make the B&M biz decline, and for some stores, will just go out of business.

    Back to the figures of Coastal in the recent months, I am still wondering how they can reach 28000 pairs of sales within one week. Coastal is holding giveaway events in USA constantly, and is using Groupon's featured Deal of the day in UK. It is possible that Coastal can reach 28000 pairs by counting the figures of giveaway glasses. 28000 pairs per week means 4000 pairs per day, this is even much higher than Zenni's 2000-3000 a day. Based on the financial report of Coastal earlier, their daily order is about 700 pairs with average price of usd70-75/pair.

    Another thing I am wondering is that how Coastal can handle so many eyeglasses in Vancouver? Anybody knowing this? Are they also doing the glasses in China like Zenni?

    Report:
    Groupon helps Coastal Contacts build awareness and sales in UK

    http://www.internetretailer.com/2011...ld-its-uk-base
    Last edited by Patrick888; 04-02-2011 at 12:57 AM.

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    Those figures include giveaways, which aren't really free. They charge something like a $6 or $7 handling fee for the "free" glasses. But even with that added in that'd only account for maybe 10%-20% of the above sales figures unless they're doing a ton more giveaways than I realize.

    Online is a threat to America's Best and similar chains, and maybe low quality cheap independents. After that, it's a threat to Costco, Sears, Walmart. And then it's a threat to Pearle Vision and maybe Lenscrafters (although they have exclusive brands & on site lab which is a compelling selling proposition). The very last people who will lose customers to online are high quality and strong service independents. Sure, you're getting asked for P.D.'s, but has business declined at all? Online's been around for 10+ years now. And even if it's a long-time customer asking for a P.D., is it because they want to order a second pair they otherwise wouldn't buy anyway? That was the comment of the CEO of EyeBuyDirect during some panel or interview, that a large portion of their customers are buying second pairs.

    This topic has been done to death here on Optiboard but I think the threat to independents is overstated. Even Coastal in its projections to investors, which really are sales pitches for their business model and are very optimistic, only predict the entire online market to grow to about 10% of the overall eyewear market by 2020.

    The much bigger threat is if / when insurance companies start selling direct to their insured. I think there are antitrust issues there that may prevent them from being able to do that fully though (hence, eyeconic.com, where you can only by VSP frames and use their lab, but the ECP is still involved).

    @Patrick: as far as I know their only lab is in Vancouver. I do know they're actually pretty dead set against using a Chinese lab.

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    Redhot Jumper

    Quote Originally Posted by Patrick888 View Post

    Another thing I am wondering is that how Coastal can handle so many eyeglasses in Vancouver? Anybody knowing this? Are they also doing the glasses in China like Zenni?
    They had a PR at the end of last year that they had just hired employee number 350. They also hired a lab manager off Essilor.


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    Blue Jumper

    Quote Originally Posted by MichaelP View Post


    .................... And even if it's a long-time customer asking for a P.D., is it because they want to order a second pair they otherwise wouldn't buy anyway? That was the comment of the CEO of EyeBuyDirect during some panel or interview, that a large portion of their customers are buying second pairs.

    This topic has been done to death here on Optiboard but I think the threat to independents is overstated. Even Coastal in its projections to investors, which really are sales pitches for their business model and are very optimistic, only predict the entire online market to grow to about 10% of the overall eyewear market by 2020.

    @Patrick: as far as I know their only lab is in Vancouver. I do know they're actually pretty dead set against using a Chinese lab.

    Coastal has 10 websites, mostly in 2 versions but running under different domaine names, Most of them show an increase in traffic of between 30 to 50% up wards over the last 3 month. Make your own deductions.

    Even if they give some frames away, it must have paid off previously or they would not repeat the same offer in other places.

    I see that MichealP is trying to downplay the situation that actually exists, second pairs or not, the optician is loosing sale every the on line optical makes one.

    B&M stores have to face the facts and sell also their services for a fair charge. The more adjustments you can do the better. On line Customer will come by for direct help, and maybe even come back next time a new pair is needed.

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