Record-Breaking Sales for the Week Ending on
August 31, 2024
Strong Demand throughout July and August
Drives Revenue; Anticipation to Exceed the High End of the
Previously Announced Revenue Guidance of $39
million to $41 million
VANCOUVER, BC, Sept. 4,
2024 /CNW/ - Kits Eyecare Ltd. (TSX: KITS)
("KITS" or the "Company"), a leading vertically integrated eyecare
provider, announces an upward revision to the Company's Q3 2024
revenue guidance.
The Company expects Q3 revenue to exceed the previously guided
range of $39 million to $41 million. The revised revenue outlook will
exceed 32% growth rate year-over-year.
This revision follows a record-breaking week of ordered sales of
approximately $3.5 million for the
week ending August 31, 2024. This
performance, including records in sales Canada, has contributed significantly to the
increased confidence in the Company's Q3 guidance.
In the Q2 2024 earnings release, KITS provided a revenue
guidance range of $39 million to
$41 million for Q3 2024. As the
Company approaches the end of the quarter, stronger-than-expected
demand and improved performance has led management to revise the
outlook upwards. The updated guidance reflects KITS ongoing
momentum and operational strength.
Outlook for Adjusted EBITDA as a percentage of revenue remains
between 3% and 5%. See "Forward-Looking Statements" below for
important disclosure with respect to expectations and
forward-looking information.
This revision aligns with KITS ongoing strategy to deliver
consistent growth and operational excellence while maintaining
transparency with their investors and stakeholders.
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 a 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.
Certain assumptions in respect of the expansion and enhancement of
our optical laboratory for glasses and warehouse facilities; the
growth of our business and launch of new technologies; our ability
to drive sales growth; our ability to maintain, enhance, and grow
within our addressable market; our ability to drive ongoing
development and innovation of our exclusive brands and product
categories; our ability to continue directly sourcing from third
party suppliers and manufacturers; our ability to retain key
personnel; our ability to add, maintain and expand production,
distribution and fulfillment capabilities; our ability to continue
investing in infrastructure to support our growth; our ability to
obtain and maintain existing financing on acceptable terms;
currency exchange and interest rates; the impact of competition;
the changes and trends in our industry or the global economy; and
the changes in laws, rules, regulations, and global standards are
material factors made in preparing forward-looking information and
management's expectations. 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 Eyecare Ltd.
