Revenue declines at card company
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Cleveland-based American Greetings Corp.’s quarterly profit tumbled 42% on sagging sales.
Earnings for its fiscal third quarter ended Nov. 23 were $29 million, or 52 cents a share, compared with $49.7 million, or 83 cents, a year earlier.
Sales and other revenue totaled $485.7 million, down nearly 7% from $521.2 million in the year-earlier period, when the company had a $20-million gain on agreements with retailers and $14 million in sales from product lines that have since been sold.
The company, which took a $472,000 charge for discontinued operations, reported pretax income from continuing operations of $29.5 million, or 53 cents a share.
Analysts surveyed by Thomson Financial had expected earnings of 57 cents a share.
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