In its second-largest acquisition, Amazon buys the company for $970 million.
YTD fiscal 2012 revenue for AG Interactive is down 10.6%.
Web sales continue to decline for AG Interactive, the e-commerce arm of American Greetings Corp.
For the second quarter of fiscal 2012 ended Aug. 26, American Greetings, No. 187 in the Internet Retailer Top 500 Guide reported:
- AG Interactive sales decreased 9.0% to $16.2 million from $17.8 million in the second quarter of fiscal 2011.
- Total sales increased 7.6% to $368.8 million from $342.8 million.
- Net income increased 74.1% to $14.8 million from $8.5 million.
Internet Retailer calculates that AG Interactive accounted for 4.4% of total sales compared with 5.2% in the prior year. “I am very pleased with our innovative new products and revenue growth this quarter, which resulted in market share gains both domestically and internationally,” says CEO Zev Weiss.
For the first two quarters of fiscal 2012:
- AG Interactive sales decreased 10.6% to about $32.8 million from about $36.7 million in the first two quarters of fiscal 2011.
- Total sales increased 4.3% to $771.1 million from $739.1 million.
- Net income increased 19.5% to $47.1 million from $39.4 million.
Internet Retailer calculates that AG Interactive accounted for 4.3% of total sales compared with 5.0% in the prior year.