Sales are up and so is the net loss for Shutterfly in Q3
October 26, 2011 05:17 PM
Despite relatively strong sales, the net loss for Shutterfly Inc. grew in the third quarter.
For the quarter ended Sept. 30, Shutterfly, No. 66 in the Internet Retailer Top 500 Guide, reported:
- Revenue increased 56.1% to $76.5 million from $49 million in the third quarter of 2010. Acquisitions of companies such as Tiny Prints in part spurred the increase in sales, though Shutterfly didn’t release any specific metrics.
- The number of transacting customers grew 16.7% to 1.4 million from 1.2 million.
- Orders increased 20% to 2.4 million from 2 million.
- Average order value was flat at $23.71.
- The number of orders per customer was 1.7 compared with 1.6 in the third quarter of 2010.
- Net loss widened 106.3% to $9.9 million from $4.8 million.
“Shutterfly delivered strong third quarter results as we continued to see healthy customer behavior and solid revenue growth in each of our businesses despite the challenging economic environment,” says CEO Jeffrey Housenbold. “Investments in our product and service offerings, platform infrastructure and people throughout 2011 have positioned us well for the Q4 holiday shopping period.”
For the first three quarters:
- Revenue increased 48.1% to $209.5 million from $141.5 million in the first three quarters of 2010.
- Net loss widened 39% to $21.4 million from $15.4 million.
Shutterfly, an online snapshot processor and photo album retailer, projects revenue for the final quarter of 2011 to range from $270.5 million to $275 million, and for the year $480 million to $485 million. Shutterfly’s 2010 sales totaled $307.7 million, up 25% from 2009.