Barnes & Noble, Inc. was named the # 1 Most Reputable Retailer in America by Reputation Institute (RI), a global technology-driven provider of reputation measurement and management services, in their annual US Retail RepTrak® study. This is the second year in a row that Barnes & Noble has earned the #1 spot in the nationwide study. “Barnes & Noble is proud to be named the #1 most reputable retailer for the second consecutive year,” said Frank Morabito, Vice President of Stores at Barnes & Noble. “Our relationship and reputation with our customers are incredibly important to us, and our over 23,000 booksellers nationwide work hard every day to deliver excellent service, as well as earn the trust and confidence from readers around the country as reflected in our rating. The fact that we have won the top spot once again is a testament to their dedication.”
Shutterfly, Inc. (NASDAQ:SFLY), the leading online retailer and manufacturer of high-quality personalized products and services, today announced financial results for the fourth quarter and full year ended December 31, 2017.
“Q4 was a strong conclusion to a year in which we made significant strides in positioning Shutterfly for long-term, profitable growth,” said Christopher North, President and Chief Executive Officer. “I’m proud of the effort from the Shutterfly team which has allowed us to bring our customers together on a single consumer platform, re-focusing on Shutterfly and Tiny Prints, our two strongest Consumer brands. We exceeded the high-end of guidance on all major metrics thanks to organic growth in the Shutterfly brand, good retention of customers and revenues from legacy websites, accelerating mobile growth, overperformance by Shutterfly Business Solutions, and continued expense control.”
North continued, “At the same time, today we announced a definitive agreement to acquire Lifetouch, the leader in school photography. Lifetouch is a strong strategic fit, bringing significant synergies while adding scale and profitability. With this acquisition, and continued growth in our existing Shutterfly business, we are targeting a minimum of $450 million of Adjusted EBITDA by 2020.” Please see our separate press release announcing Shutterfly’s definitive agreement to acquire privately-held Lifetouch.
Fourth Quarter 2017 Financial Highlights
Net revenues totaled $593.8 million, a 6% year-over-year increase. Consumer net revenues totaled $521.8 million, flat year-over-year which were better than anticipated, as growth in the Shutterfly brand was offset by loss of revenue from the three websites we shut down. Shutterfly Business Solutions net revenues totaled $71.9 million, an 81% year-over-year increase.
GAAP Operating income totaled $179.0 million, a $25.2 million or 16% year-over-year increase. Net income was $111.7 million or $3.37 per share. Adjusted EBITDA was $215.6 million, a $20.8 million or 11% year-over-year increase.
On a proforma basis, which excludes a benefit from tax reform of $8.9 million, Net income was $102.8 million, an increase of $11.9 million or 13%, and Earnings per share increased $0.48 per share to $3.11 per share.
During the fourth quarter of 2017, we repurchased a total of 660 thousand shares for $30.0 million bringing our year-to-date repurchases to over 2.3 million shares and total share repurchases for 2017 to $110.0 million.
Full Year 2017 Financial Highlights
Net revenues totaled $1,190.2 million, a 5% year-over-year increase. Consumer net revenues totaled $997.0 million, flat year-over-year as anticipated, as growth in the Shutterfly brand was offset by loss of revenue from the three websites we shut down. Shutterfly Business Solutions net revenues totaled $193.2 million, a 41% year-over-year increase.
GAAP Operating income totaled $61.6 million and Net income was $30.1 million or $0.88 per share.
On a proforma basis, our operating income was $86.7 million, a $37.6 million or a 76% year-over-year increase. Adjusted EBITDA was $234.1 million, a $25.6 million or 12% year-over-year increase and Net income was $35.8 million, a $19.9 million or 125% year-over-year increase. Earnings per share increased $0.60 per share to $1.05 per share.
more detail at: http://ir.shutterfly.com/news-releases/news-release-details/shutterfly-announces-fourth-quarter-and-full-year-2017-financial