Vistaprint Financials Suffer From Strategy Shift

VENLO, THE NETHERLANDS—Vistaprint N.V., an online provider of professional marketing products and services to micro businesses and the home, announced financial results for the three month period ended March 31, the third quarter of its 2014 fiscal year.

"This is the first quarter in the past 14 years in which our revenue declined year over year," said Robert Keane, president and CEO. "While we are not content with this performance, our underlying value creation was much better than our headline financial numbers. Based upon significant customer research that we have conducted over the past three years we are shifting our value proposition away from the deep discounts and free-offer direct marketing that characterized the Vistaprint of the past toward being simply the best way for business owners to market their business. We are making this shift in order to expand into the large market opportunity that lies beyond our traditional base of highly price sensitive customers."