Shutterfly, Inc. Provides Earnings Guidance for the First Quarter and Full Year 2019; Christopher North to Step Down as President and CEO at the End of August 2019; to Open a New 237,000 Square Foot Facility in Texas, in the First Half of 2020; to Close Four Legacy Lifetouch Facilities
For the full year, the company expects net revenue to range from $2,130 million to $2,210 million. Operating income to range from $76 million to $101 million. Net income per share to range from $0.55 to $1.06.
The company announced that Christopher North, President and CEO, will be stepping down at the end of August 2019, and that the Board of Directors has engaged an executive search firm to identify candidates to succeed him.
The company will also open a new 237,000 square foot facility in Texas, in the first half of 2020, which will serve both Lifetouch and Shutterfly.
In the first phase of Project Aspen, the company will close four legacy Lifetouch facilities, including the two sites previously announced, and two additional facility closures announced on February 5, 2019: Chico, California and Chattanooga, Tennessee, both of which will close in the second half of 2019.