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6 February 2019
Vistaprint Sales Stall,Profits Drop
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"the worst in a long time”, and the departure of Vistaprint’s CEO will result in founder Robert Keane personally overseeing the performance of Cimpress's flagship operation Vistaprint . Vistaprint posted revenue growth of just 1 percent, while overall Cimpress revenue grew 8 percent, down from 32 percent in the second quarter of 2018. Vistaprint sales nudged up by just 1.2% to $434.3m, while profits at the business fell from $99m to $83.8m.
The increase in sales at National Pen, acquired two years ago, was also described as “disappointing”, and the division’s profits would have declined were it not for new financial reporting . Our deteriorating performance over the past six-plus months led to some serious soul searching about the root causes and what we will do about them,” Keane stated. Cimpress shares went on to fall by 28% to $83.17 in trading following the results announcement.
Comments (4) Post a Comment
Comments:
4. George says:
This is Karma!!! First they under cut the market trying to take over by charging far below whats reasonable and now they make no profit!!! Doesnt take a genius to figure that out
3. Bobr says:
Good news - Vistaprint has totally negatively disrupted pricing - hopefully the decline in profitability continues and they revise their pricing model.
2. Joan says:
Hasta la Vista
1. Printguy33 says:
Is it possible they are loosing money because they sell product far below what it really costs to print and produce?
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