Bullish sell-side analysts have long pushed Vistaprint N.V. (VPRT) as a way to play growth in small businesses and the advantages of online/web-based disintermediation in bringing more sophisticated marketing tools to the SMB sector. It all sounds good (it always has), but Vistaprint seems stuck in this yo-yo business model where sustainable, balanced growth seems elusive.
Growth Or Margins, Or How About Both?
One of the ongoing challenges for Vistaprint is breaking out of a cycle where order volume depends upon promotions with heavy discounts. The customers who turn to Vistaprint when it runs its deeply discounted promo offers don't tend to stick around or reorder much at higher prices, and they also don't tend to make use of other...
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