VANCOUVER—Online retailer Kits Eyecare Ltd. (KITS) (TSX: KITS) said that in the second quarter it delivered more than 74,000 pairs of eyeglasses, which represented a 70 percent year-over-year increase. The company said this indicated that it continues to grow and reaffirms its “focus on building a meaningful eyeglasses business.” Kits also noted in its recent announcement that it achieved this growth “while reducing marketing spend on eyeglasses compared with Q2, 2021.” Returning customers grew to represent over 21,000 pairs of eyeglasses, nearly 30 percent of all eyeglasses delivered, the company added.

Customer satisfaction metrics and online reviews continued to be category-leading and drove the increase in eyeglasses orders in the quarter, Kits noted. (Kits said it will report complete second-quarter results in August.
“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,” Kits said. “We estimate that a traditional retailer would require more than 140 brick-and-mortar locations to improve this many peoples' vision.”
Kits, which investor Roger Hardy co-founded, completed a successful initial public offering in January 2021, as VMAIL reported, and raised more than $55 million (Canadian) in the IPO process.
The retailer said its eyeglasses selection has grown to over 750 unique styles and brands, including several seasonal sunglasses collections.
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, the company said.
“We continue to grow our glasses business, while maintaining a strong balance sheet,” the announcement stated. “Cash balance improved to $19 million in the quarter, and inventory remained balanced during the quarter to protect against future supply chain concerns.”