September 29, 2010, 1:58 PM

Q2 e-commerce sales were flat for American Greetings

Sales for AG Interactive decreased 0.5% to $18.3 million.

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E-commerce sales were flat for American Greetings Corp. in the second quarter of fiscal 2011 and are down slightly for the year.

For the second quarter of fiscal 2011 ended Aug. 27, American Greetings, No. 160 in the Internet Retailer Top 500 Guide, reported:

  • Sales for AG Interactive, the company’s e-commerce unit, decreased 0.5% to $18.3 million from $18.4 million in the second quarter of fiscal 2010.
  • Total revenue declined year over year 3.8% to $342.8 million from $356.4 million.
  • Net income declined 63.2% to $8.5 million from $23.1 million in the second quarter of fiscal 2010.

“While we continue to see an erratic recovery in the economy and its effect on our top line, our team has executed well on cost containment and that execution has directly led to healthy cash flow,” says CEO Zev Weiss. “Our cash flow from operations minus capital expenditures of $74 million in the first half gets us more than halfway to our full-year forecast of approximately $125 million.”

Internet Retailer calculates the web accounted for 5.3% of total sales compared with 5.2% in the second quarter of fiscal 2010.

For the first six months of fiscal 2011, American Greetings recorded:

  • Sales for AG Interactive decreased 1.3% to $36.9 million from $37.4 million in the first two quarters of fiscal 2010.
  • Total revenue declined year over year 3.9% to $739.1 million from $769.3 million.
  • Net income increased 19% to $39.4 million from $33.1 million in the first two quarters of fiscal 2010.

Internet Retailer calculates the web accounted for 5% of total sales compared with 4.9% in the first two quarters of fiscal 2010.

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