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Vistaprint Reports First Quarter Fiscal Year 2013 Financial Results

Stocks in this article: VPRT

Vistaprint N.V. (Nasdaq: VPRT), a leading online provider of professional marketing products and services to micro businesses and the home, today announced financial results for the three month period ended September 30, 2012, the first quarter of its 2013 fiscal year.

“Our first quarter results reflect continuing revenue disappointment in Europe, solid revenue performance in North America and Asia Pacific, and continued progress on the broad set of strategic initiatives we have discussed frequently in the past,” said Robert Keane, president and chief executive officer. “We delivered earnings per share results in line with our expectations for the quarter.

“Our organic constant currency year-over-year revenue growth in Europe was, at one percent, well below our plans,” Keane continued. “We are actively working to understand and address the root causes of this poor performance. There is a weak macroeconomic backdrop in Europe, but we cannot quantify the impact to our business. Instead, we are focused on improving our own execution. As announced previously, we have recently reorganized our core business operations into a functional structure, and we believe this will allow us to make greater progress on improvements to our customer value proposition and business performance in Europe.

“In stark contrast to Europe, in North America our organic constant currency revenue growth accelerated to 19 percent versus 18 percent last quarter and 17 percent the same quarter a year ago. In Asia Pacific, revenue grew 29 percent in constant currency. Both were in line with our high expectations for growth in those regions,” said Keane.

“We review our revenue results in the context of the strategic plan we announced 15 months ago and in Q1 we progressed as planned on the vast majority of our objectives in that strategy,” Keane continued.

During the first quarter, Vistaprint advanced in the following areas of its strategy:

  • In our core business, we continued to improve our customer value proposition, strengthened our manufacturing capabilities and expanded our advertising reach. We believe these investments contributed significantly to our North American and Asia Pacific first quarter revenue success.
  • Beyond our core business, we advanced our foundations for future growth in India and China and at our Webs and Albumprinter businesses.
  • We continued our recruiting of engineering teams and began a multi-year investment to upgrade our software architecture.

Keane concluded, “Despite our disappointing European revenue growth in the first quarter, we anticipate that year-over-year growth in that region will improve for the rest of the year. More broadly, we remain focused on rolling out company-wide our long-term strategic initiatives, and we see some positive indicators in all regions, such as strong new customer acquisition and improved net promoter scores. This strategy includes achieving the annual earnings per share targets that we set at the beginning of this year, and we remain confident that we will achieve them.”

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