VANCOUVER—Kits Eyecare Ltd. (TSX: KITS) reported this week that in the first quarter it delivered over 46,000 eyeglasses orders to patients, and 148,000 total eyecare orders to patients “despite supply chain headwinds.” At the same time, Kits reported that its overall gross margin rate increased, quarter-over-quarter, between 150 and 200 basis points, sequentially. Kits, which is led by investor and chief executive officer Roger Hardy, completed its initial public offering in January 2021 and now reports quarterly financial results.

The company’s Wednesday announcement, though, did not provide specific details on sales and/or earnings for the first quarter of 2022.
“Our focus on growing our eyeglasses business continued as revenue from eyeglasses delivered in Q1 2022 increased approximately 60 percent year over year, while reducing marketing spend,” Kits said in its announcement. Kits also offers contact lenses via its online platform.
The retailer also noted that its selection of eyeglass frames has now grown to over 750 unique styles and brands. “Our vertically integrated onshore optical lab has allowed us 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 added.
In addition, Kits said its cash balance “remained strong” at $18 million while the company increased inventory during the quarter to protect against future supply chain concerns.