July 28, 2010, 4:28 PM

Shutterfly captures higher Q2 sales

Sales increased 20.5% and 23.6%, respectively, for the second quarter and year to date.

Mark Brohan

Research Director

Lead Photo

Photo printing and sharing e-retailer Shutterfly Inc. is reporting a healthy increase in second quarter sales.

For the quarter ended June 30, Shutterfly, No. 67 in the Internet Retailer Top 500, recorded:

  • Sales grew 20.5% to $46.80 million from $38.85 million from the second quarter of 2009.
  • Net loss was $5.88 million compared with $5.65 million for the second quarter of 2009.
  • Average ticket was $25.56.
  • The total number of orders was 1.8 million.

“Shutterfly continues to gain momentum and enhance our competitive position through our commitment to innovation, design-forward products and services, customer-friendly policies, industry-leading quality and focused financial discipline," says CEO Jeffrey Housenbold. "Strong growth in our personalized products and services during the Mother's Day and Father's Day holidays led to our record Q2 financial performance."

For the period of January through June, Shutterfly recorded:

  • Sales grew 23.6% to $92.54 million from $74.87 million in January through June in 2009.
  • Net loss was $10.61 million compared with $11.88 million in January through June in 2009.

For the third quarter of 2011 and the full year, Shutterfly expects revenue to range from $45.5 million to $47.5 million and $277 million to $287 million, respectively.

The results show Shutterfly continues to take market share from both online and offline competitors, says analyst Colin Sebastian of Lazard Capital Markets. "We believe Shutterfly is successfully leveraging its technology platform and consumer focus to distinguish itself as the leading website for digital photo products, and increasing its footprint through social networking and mobile platforms," Sebastian says.

 

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