Q1 Revenue Grew Approximately 23% YOY to Over
$34 Million
Cash Position
Remains Strong at Approximately $18
Million
VANCOUVER, BC, April 4,
2024 /CNW/ - KITS Eyecare Ltd. (TSX: KITS)
("KITS" or the "Company"), a leading vertically integrated eyecare
provider, is providing selected preliminary unaudited results for
its first quarter ended March 31,
2024.
Select Preliminary First Quarter 2024 Financial
Highlights
- Q1 2024 revenue grew to over $34
million, representing a 23% year-over-year increase and a 7%
increase sequentially.
- Finished the quarter with a healthy cash balance of
approximately $18 million.
"Our business is off to a strong start in 2024," said
Roger Hardy, Co-Founder and CEO of
KITS. "We continue to grow revenue and customer count at
industry-leading levels through our trend-setting product
offerings, best-in-class customer experience and value price
points. We've been able to sustain our growth momentum while
maintaining consistent cost levels to previous quarters as we were
able to grow our cash balance in the first quarter. We're proud of
how we performed in Q1 and look forward to what we believe will be
another banner year at KITS."
The Company looks forward to reporting its full first quarter
2024 results on May 8, 2024. Details
for the first quarter 2024 conference call will be disclosed in the
coming weeks.
About KITS
KITS makes eyecare easy. 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. For
more information on KITS, visit: www.kits.com.
SOURCE KITS