AG Interactive Q2 revenue drops 16% year-over-year
American Greetings Corp. earnings were up 2% in the second quarter of fiscal 2008 to $377.4 million from $371.5 million. Sales at AG Interactive, the greeting card company’s online division, declined 16% to $17.2 million from $20.4 million. Web sales for Q1 2008 were down about $66,000 to $19.9 million compared with the prior year quarter.
AG Interactive net earnings were up 160% however, to $3.2 million from $1.2 million in the second quarter of fiscal 2007.
“I am pleased with the improvement in our financial performance this quarter as the team has been working hard on several initiatives. Specifically, our everyday and seasonal card performance improved nicely. The combination of the improved performance in our card business as well as careful management of our costs caused our results to be well above the prior period,” says CEO Zev Weiss.
Total revenue for American Greetings, No. 150 in the Internet Retailer Top 500 Guide, for the first six months of fiscal 2008 ended Aug. 24, 2007, was $797.4 million up about 3% year-over-year from $777.1 million. Total AG Interactive revenue for the first six months of fiscal 2008 was $37.1 million, down about 10% from $41 million in the prior year period.
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