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Sales Growth From Vistaprint, National Pen Helps Drive Cimpress’ Revenue Gain

The Top 40 distributor reported that total global company sales, which include revenue from those two promo-related divisions, is up through the first nine months of its fiscal year.

Top 40 distributor Cimpress (asi/162149), the parent company of Vistaprint and former Top 40 distributor National Pen, increased sales nearly 7.5% to about $2.5 billion during the first nine months of its fiscal year, which ended with March.

A financial report that the publicly traded company released Wednesday, May 1 also showed bottom-line improvement for the nine-month stretch, with net earnings tallying about $58.7 million, or $2.22 in basic earnings per share, compared to a $215 million loss (-$8.19 per share) during the same period of the prior fiscal year.

Robert Keane, Cimpress

Robert Keane, Cimpress (asi/162149)

Nearer term, Cimpress’ sales for its fiscal third quarter (concluded with March) were up 5% to nearly $780.6 million. However, the company sustained an almost $4 million loss (-$0.15 per share) in the quarter – primarily a result of realized losses on certain currency hedges and unrealized gains on the reevaluation of currency derivatives and more, according to executives.

Still, Cimpress CEO Robert Keane said the company is headed in the right direction and is on track to meet or exceed fiscal-year targets for revenue, operating income and more.

“We remain focused on execution and our team is motivated and incentivized to continue the strong financial progress we have demonstrated,” Keane said.

Highlighting certain advancements Cimpress has made, Keane said the Dundalk, Ireland-headquartered company’s trailing-12-month adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) as of March 2024 had grown by $235 million (103%) from December 2022, and by nearly $200 million (76%) from March 2023.

“About half of the year-over-year improvement came from cost reductions, and the rest came from revenue growth, operating efficiencies and the normalization of input costs,” Keane said.

Cimpress’ Vista and National Pen divisions both increased sales and EBITDA on an annual basis during the first nine months of the fiscal year.

The Vista segment, which includes flagship brand Vistaprint, an e-commerce-driven provider of print marketing materials, signage and promotional products, increased total global sales over the period about 8% to approximately $1.3 billion. EBITDA was up 70% on an annual basis to $249.4 million. National Pen, previously a Top 40 promo products distributor before being acquired by Cimpress, increased sales 8.3% to $307 million. EBITDA improved 11% to about $22.4 million.

Based on reported 2022 North American promotional product-specific revenue of $283 million, Cimpress ranked 10th on Counselor’s most recent list of the largest distributors in the industry.