October 28, 2011, 5:26 PM

Sales were up, but not profits for Vistaprint in Q1

Revenue increased year over year 24.5%, but net income fell 25%.

Mark Brohan

Research Director

Lead Photo

Sales were up for Vistaprint NV, an online retailer of personalized printing and related services to consumers and small business, in the first quarter of fiscal 2012. But offsetting stronger sales were declining profits.

For the quarter ended Sept.30, Vistaprint, No. 36 in the Internet Retailer Top 500 Guide (more about the Top 500 http://www.internetretailer.com/top500) reported:

  • Total sales were  $212.4 million, up 24.5% from $170.5 million in the prior year.
  • Sales for Europe increased 37.9% to $80 million from $58 million.
  • Net income was $8.1 million, a 25% decrease from $10.8 million in the first quarter of fiscal 2011.
  • Marketing and sales expenses were $76.3 million, a 32.7% increase from $57.5 million.
  • Technology expenses were $26.7 million, up 15.1% from $23.2 million.
  • Vistaprint acquired about 1.9 million new customers.
  • Order volume was about 5.9 million, an increase of 18% compared with volume of about 5 million orders in Q1 fiscal 2011.
  • Average order value, including revenue from shipping and processing, was $36.38, up from $34.69 in the same quarter a year ago.

Vistaprint expects revenue to range from $270 million to $290 million in the second quarter of fiscal 2012, and $960 million to $1.01 billion for the full year.

“First quarter revenue and earnings met our expectations, and our full year is off to a good start,” says CEO Robert Keane. “This was a quarter of solid performance against our plan. Four months into our multi-year plan, we remain confident that we are making the right decisions in funding our long-term strategy for growth and competitive advantage.”

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