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Web revenue declines for American Greetings in Q2
Online revenue decreased 10.8% to $18.1 million from $20.3 million. The web totaled 5.1% of all revenue compared with 5.3% in the prior year.
Managing Editor, International Research
E-commerce sales dipped once again for American Greetings Corp. in the second quarter of fiscal 2010.
For the quarter ended Aug. 28:
- Online revenue decreased 10.8% to $18.1 million from $20.3 million.
- Total sales declined 7.6% to $356.4 million from $385.8 million.
- The web totaled 5.1% of all revenue compared with 5.3% in the prior year.
- Net income increased 904.3% to $23.1 million from $2.3 million in the previous year. Net income grew as a result of a pre-tax benefit from an insurance program of $7.9 million and more effective cost control, the company says.
“We have devoted more time and effort to develop new products so that consumers can find unique and fresh offerings in the greeting card aisle,” says Zev Weiss, CEO of American Greetings, No. 157 in the Internet Retailer Top 500 Guide. “We have expanded our use of technology for both traditional greeting cards as well as online applications including Facebook and the iPhone.”
For the six months ended Aug. 28:
- Online revenue decreased 8.7% to $36.7 million from $40.2 million.
- Total sales declined 5.5% to $769.3 million from $814.1 million.
- The web totaled 4.8% of all revenue compared with 4.9% in the prior year.
- Net income increased 111.5% to $33.0 million from $15.6 million in the previous year.