May 2, 2011, 3:04 PM

Q3 web sales rise 23% for

Year-to-date sales grew 2% to $608.2 million.

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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.

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