June 27, 2007, 12:00 AM

American Greetings’ online sales flat, overall Q1 sales up 3%

American Greetings reports a 3% overall sales increase for the first quarter of fiscal 2008 to $418 million. Online sales were flat, falling $66,000 from the prior year first quarter level of $19.96 million to $19.89 million.

Bill Briggs

Senior Editor

American Greetings Corp. reports a 3% overall sales increase for the first quarter of fiscal 2008 to $418 million. Sales at AG Interactive, the greeting card company’s e-commerce division, were flat, however, falling about $66,000 from the prior year first quarter level of $19.96 million to $19.89 million.

Net income for Q1 2008, ended May 25, 2007, was $30.6 million, up 84% compared to $16.6 million for the prior year quarter.

“While I am happy with our first quarter results, it is still early in the year and as such, we remain comfortable with our earnings guidance for the full year,” says CEO Zev Weiss.

American Greetings, No. 150 in the Internet Retailer Top 500 Guide, purchased 135,000 shares of its common stock, under its $100 million share repurchase program, for $3.4 million during Q1 of fiscal 2008. Since February 2005, the company has repurchased 21.5 million of its shares for approximately $500 million.

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