Source: Kits Eyecare Ltd.
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  • Kits Eyecare Ltd. (KITS) cited a greater than 70 per cent increase in eyeglasses delivered year over year in Q2 2022
  • Kits delivered more than 74,000 pairs of eyeglasses in the quarter while reducing marketing spend on eyeglasses compared to Q2 2021
  • Its cash balance improved to $19 million in the quarter, and inventory remained balanced during the quarter to protect against future supply chain concerns
  • The company noted that customer satisfaction metrics and online reviews continued to be category-leading and drove the increase in eyeglasses orders
  • Kits Eyecare was 0.42 of a per cent higher, trading at C$2.40 a share as of 12:50 pm ET

Kits Eyecare (KITS) framed its Q2 2022 performance, highlighting a greater than 70 per cent increase in eyeglasses delivered year over year.

Kits delivered more than 74,000 pairs of eyeglasses in the quarter, while reducing marketing spend on eyeglasses compared to Q2 2021.

Its cash balance improved to $19 million in the quarter, and inventory remained balanced during the quarter to protect against future supply chain concerns.

The company noted that customer satisfaction metrics and online reviews continued to be category leading and drove the increase in eyeglasses orders.

The team at Kits added that there is also a “tremendous demand” for the company’s 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.

In a news release, the company estimated that a traditional retailer would require more than 140 brick and mortar locations to improve this many peoples’ vision.

Final results are expected next month.

Kits Eyecare Ltd. (KITS) is an online retailer of contact lenses and eyewear. The company’s contact lens partners include Acuvue, Alcon, Bausch & Lomb, Biofinity, CooperVision, and Dailies, and glasses partners include Oakley, Prive Revaux, Ray-Ban, and Tom Ford.

Kits Eyecare was 0.42 of a per cent higher, trading at C$2.40 a share as of 12:50 pm ET.


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