February 7, 2012, 4:54 PM

Annual web sales approach $500 million for Shutterfly in 2011

But net income declined 17.5% to about $14.1 million.

Mark Brohan

Research Director

Lead Photo

Thanks to a recent acquisition, the top line grew nicely for Shutterfly Inc. in 2011, but the same can’t be said for profits.

For the year ended Dec. 31, Shutterfly, an online snapshot processor and photo album retailer that is No. 66 in the Internet Retailer Top 500, reported:

  • Revenue increased 53.8% to $473.3 million from $307.7 million in 2010. Acquisitions of companies such as Tiny Prints in part spurred the increase in sales, though Shutterfly didn’t release any specific metrics.
  • The number of transacting customers grew 19.5% to 4.9 million from 4.1 million.
  • Orders increased 21.5% to 11.3 million from 9.3 million.
  • Average order value was flat at $32.57.
  • Net income decreased 17.5 % to about $14.1 million from $17.1 million.

“Our strategic investments throughout 2011, combined with our focus on strong execution, diverse product offerings and improved efficiencies led to record revenues, adjusted EBITDA, and free cash flows,” says president and CEO Jeffrey Housenbold. “We continue to outpace the industry in terms of innovation, user experience, quality, and customer service. With the social expression and personal publishing markets still in the early stages, Shutterfly is well prepared to extend our leadership position in these large markets.”

For the fourth quarter:

  • Revenue increased 58.7% to $263.8 million from $166.2 million in Q4 2010.
  • Net income increased 8.9% to about $35.4 million from $32.5 million.

For the first quarter and 2012 Shutterfly expects sales to range from $83 million to $85 million and $550 million to $560 million, respectively.

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