July 31, 2014, 10:10 AM

Shutterfly reports 19% revenue growth in Q2

The second quarter of 2014 is Shutterfly’s 54th consecutive quarter of year-over-year net revenue growth.

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Shutterfly Inc., an online snapshot processor and photo album retailer reports net revenue increased 19% in Q2, and mobile sales doubled.

For the second quarter ending June 30, 2014 Shutterfly, No. 50 in the Top 500 Guide, reported:

  • Total sales of $159.1 million, up by 19.2% from $133.5 million in the second quarter of 2013.
  • The number of customers making purchases totaled 2.6 million, a 13.0% increase from 2.3 million.
  • Orders totaled 4.15 million, a 16.2% year-over-year increase from 3.57 million.
  • Average ticket was $36.14, up by 3.1% from $35.06.
  • Net loss of $27.1 million compared with a net loss of $11.8 million in the same quarter last year.

“Consumer revenue grew 20% year over year, and mobile revenues on our Shutterfly brand more than doubled as consumers responded to our assortment of high quality personalized products and services across our portfolio of premium lifestyle brands." says Jeffrey Housenbold, president and CEO.

It was a “strong quarter” for Shutterfly, says analyst Colin Sebastian of investment firm Robert W. Baird & Co. “Shutterfly continues to invest in product enhancements and fulfillment/data center capacity, which we note is consistent with the long-term strategy of other high-quality consumer Internet companies,” Sebastian wrote yesterday in a note to investors. “In addition, Sales & Marketing costs reflected the company's integrated marketing campaign and higher headcount.” The sales and marketing costs for the second quarter were $44,480 compared to $38,277 a 16.2% increase compared to the same quarter in 2013.

For the first six months of the year, the merchant reported:

  • Net sales of $296.2 million, an 18.3% increase from $250.2 million in the first half of last year.
  • A net loss of nearly $61.3 million, a 153.3% increase over approximately $24.2 million last year.

Shutterfly is projecting a third quarter net loss of between $49.6 million and $51.6 million.

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