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KITS Eyecare Reports Q1 Revenue of Approximately $27 Million and 34% Year-over-Year Growth (Preliminary First Quarter 2023 Results)
Tuesday, April 11, 2023Company Profile | Follow Company
Q1 Revenue of Approximately $27 Million and 34% Year-over-Year Growth
Represents Third Consecutive Quarter of Accelerated Growth
Cash Balance Remained Strong at Approximately $19 Million
Vancouver, BC, April 11, 2023--(T-Net)--Kits Eyecare Ltd. (TSX: KITS), a leading vertically integrated eyecare provider, has provided selected preliminary unaudited results for its first quarter ended March 31, 2023.
Preliminary First Quarter 2023 Financial and Operational Highlights
Roger Hardy, CEO, Kits Eyecare
"We see a sustained secular trend of vision corrected customers moving online for all vision related products," said Roger Hardy, co-founder and CEO of KITS. "This secular trend existed pre-pandemic and has re-accelerated over the past year.
"This marks our third consecutive quarter of accelerated top-line growth as we continue to execute according to plan. Demand for our KITS glasses and contact lenses remains strong, and we were able to maintain a stable cash position on the balance sheet. Throughout the quarter, strong repeat business continued to be a primary factor in our overall performance as we continued to prudently manage our marketing expenses and rely on word-of-mouth awareness."
KITS says it anticipates reporting its full first quarter 2023 financial and operational results in early May 2023.
About KITS
KITS is a leading vertically integrated digital eyecare brand providing eyewear for eyes everywhere. We offer customers access to a vast selection of contact lenses and eyeglasses, including our own exclusive KITS designed products, as well as a robust suite of online vision tools. Our efficient digital platform, backed by our industry-leading manufacturing and designs, removes intermediaries, and enables us to offer great prices and deliver made to order personalized products with incredible care and accuracy. We are creating disruption in the industry by constantly pursuing cutting-edge technologies to enable the best customer experience, including online eyewear fitting tools, and virtual try-on for glasses. We strive to delight our customers with our competitive prices, a convenient digital shopping experience, fast and reliable delivery options, and an unrelenting focus on earning our customers' lifelong trust.
Forward-Looking Statements This press release contains forward-looking statements, including statements relating to the execution of our proposed strategy, our operating performance and prospects on the business. These forward-looking statements generally can be identified by the use of words such as "intend," "believe," "could," "continue," "expect," "estimate," "forecast," "may," "potential," "project," "plan," "would," "will," and other words of similar meaning. Each forward-looking statement contained in this press release is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement. [ MORE ] |
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