KITS Ramps up New Customer Growth; Now Acquiring
More than $1 Million of Organic,
Recurring Business per Week.
Company's New Customer Growth Supported by
Highest Retention Rates in Category.
No Increase in Marketing Spend as Word of Mouth
and Organic Traffic Increase.
VANCOUVER, BC, July 11,
2024 /CNW/ - Kits Eyecare Ltd. (TSX: KITS)
("KITS" or the "Company"), the leading vertically integrated
eyecare provider, has announced a weekly record for new customer
acquisition of $1.2 million. Momentum
has been steadily building, and this marks the second weekly record
in as many weeks.
New customer growth was balanced across eyeglasses and contact
lenses, and across Canada and the
US market. Growth in new customers comes as the company has
expanded selection of KITS branded contact lenses and has formed
direct billing partnerships integrated with separate insurance
providers covering up to 70% of Canadians. As of Q1 2024, KITS had
over 870,000 active customers, and currently has among the highest
retention rates in the Optical Industry, with over 60% of revenue
coming from repeat customers. The company continues to fund it's
own organic growth, with six quarters in a row of positive adjusted
EBITDA.
"We're excited that a record number of new vision-corrected
customers have joined KITS," said Roger
Hardy, Co-Founder and CEO of KITS. "Momentum has been
steadily building and continues to accelerate. Many of these new
customers joined after hearing about KITS from others, so this
increase in new revenue did not require an increase in marketing
spend. We are confident that these new customers will be blown away
by the value, and convenience of their KITS experience and become
customers for life, adding to our industry leading retention
levels. We continue on our mission to make eyecare easy for
everyone and look forward to welcoming millions more new customers
to KITS in the years ahead."
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.
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 for 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. Our business is subject to
substantial risks and uncertainties. This forward-looking
information and other forward-looking information are based on our
opinions, estimates and assumptions in light of our experience and
perception of historical trends, current conditions and expected
future developments, as well as other factors that we currently
believe are appropriate and reasonable in the circumstances.
Despite a careful process to prepare and review the forward-looking
information, there can be no assurance that the underlying
opinions, estimates and assumptions will prove to be correct. KITS'
risks and uncertainties are discussed in detail in the Company's
Annual Information Form, filed on SEDAR on March 6, 2024. Investors, potential investors,
and others should give careful consideration to these risks and
uncertainties. We caution investors not to rely on the
forward-looking statements contained in this press release when
making an investment decision in our securities. The
forward-looking statements in this press release speak only as of
the date of this release, and we undertake no obligation to update
or revise any of these statements, except as required under
applicable securities laws. If we do update certain forward-looking
information, no inference should be made that we will further
update such or other forward-looking information.
SOURCE KITS