Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
Europe and North America sales rise 11% and 9%, respectively.
Vistaprint NV, an online retailer of printing and other services mainly to small businesses, reported sales growth in all global sales regions except Asia-Pacific.
For the 2014 fiscal year ended June 30, Vistaprint, No. 33 in the Internet Retailer 2014 Top 500, reported:
- Web sales of $1.270 billion, up by about 8.8% from $1.167 billion in 2013.
- North America sales of $700.2 million, an increase of about 8.8% from $644.3 million.
- Europe sales of $502.1 million, up by 11.0% from $452.2 million.
- Asia-Pacific sales, which the company also calls “most of world” sales, of $67.95 million, a 4.2% decrease from $70.95 million.
- Gross margin was 64.5%, compared with 65.7% in fiscal 2013. The year-over-year reduction in gross margin was primarily attributed to Vistaprint’s recent acquisitions of Dutch business-to-business online printer People & Print Group and Italian B2B web-based printer Pixartprinting, which have a different business model with lower gross margins than the Vistaprint-branded business. Both companies were acquired earlier this year.
- Net income of $43.7 million, a 48.6% increase from net income of about $29.4 million in fiscal 2013.
- Orders from new customers of 9.7 million, down by 7.6% from 10.5 million in fiscal 2013.
- Average order value was $40.74, an increase of 10.3% from $36.94.
- Total order volume was 30.5 million, down by about 4.1% from 31.8 million in the prior year.
“Revenue performance improved in the markets in which we had implemented major pricing and marketing changes for the Vistaprint brand in fiscal 2014–the U.S., U.K. and Germany,” says Robert Keane, president and CEO.
For the fourth quarter, Vistaprint reported:
- Web sales were $338.2 million, a 20.7% increase from $280.1 million in the prior year quarter.
- North America sales were $179.9 million, up by 6.1% from about $169.5 million.
- Europe sales were $142.2 million, an increase of about 50% from $94.9 million.
- Asia-Pacific sales were $16.1 million, up by 3.2% from $15.6 million.
- Gross margin was 60.5%, down from 64.6% in the same period last year.
- Net income was $1.0 million, a 56.5% decrease compared with net income of $2.3 million in the prior year quarter.
- Orders from new customers (excluding acquisitions) totaled 2.2 million, flat compared with last year.
- Average order value was $42.50, an 8.8% increase from $39.08.
- Total order volume was 7.0 million, down by 1.4% from 7.1 million in the prior year quarter.