Web sales increase 4% in Q1 2009 at American Greetings

AG Interactive, the e-commerce business unit of American Greetings Corp., reported sales of $20.6 million for the first quarter of fiscal 2009, up by 4% compared with $19.9 million in the same quarter of 2008. Total revenue for the quarter was $428.3 million, an increase of 2% vs. $420 million in the prior year quarter.

Net loss for AG Interactive in Q1 2009 was $1.1 million, compared with net income of $3.3 million in the first quarter of fiscal 2008. Total net income for American Greetings in Q1 2009 was $13.3 million, down 56% compared with $30.1 million in the prior year quarter. AmericanGreetings.com is No. 136 in the .

“I am pleased with our revenue performance, particularly given current economic conditions,” says CEO Zev Weiss. “Our point of sale performance is encouraging. One of the larger components that caused lower margins in the quarter compared to last year was the rollout of a new card line in Canada. As part of that process, we had additional activity and recognized incremental expenses.”
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