Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
Year-to-date sales grew 2% to $608.2 million.
Online printing services retailer Vistaprint Ltd. beat its expectations for the third quarter and expects more than 20% web sales growth at year-end.
For the third quarter ended, March 31, Vistaprint, No. 36 in the Internet Retailer Top 500 Guide, reported:
- Total sales were $203.7 million, up by about 22.7% from $166.0 million in prior year period.
- Net income was $22.9 million, an increase of about 41.4% from $16.2 million.
- Vistaprint acquired about 1.8 million new customers.
- Repeat customers generated about 68% of total bookings in the third quarter, compared with 67% in the same quarter in the prior year.
- Average order value, including revenue from shipping and processing, was $36.03, compared with $34.79.
- Web site sessions were 79.4 million, down about 3% from 81.9 million.
- Conversion rate was 7.3% compared with 5.9% in the same quarter a year ago.
“Vistaprint just completed a very strong third quarter,” says Robert Keane, president and CEO. “Earnings exceeded our expectations for three reasons: total revenue that was higher than our previous guidance, gross margin improvements that are the result of prior decisions to invest in manufacturing and procurement capabilities, and a delay in the timing of planned operating expenses.”
For the first three quarters, Vistaprint reported:
- Total sales were $608.2 million, an increase of about 20.3% from $505.7 million in the first nine months of fiscal 2010.
- Net income was $67.7 million, up by about 20.7% increase from $56.1 million.
Vistaprint expects revenue to range from $202 million to $207 million in the fourth quarter of fiscal 2011, and from $810 million to $815 million for the full year. Vistaprint’s fiscal 2010 sales totaled $670.0 million, up 30% from the prior year.