AG garners mild 4Q earnings increase

Drug Store News, April 24, 2000 by Jennifer Kulpa

CLEVELAND -- American Greetings reported sales of $615.3 million for its fourth quarter of fiscal 2000, which ended Feb. 29. The result was an increase of 2.6 percent over the same period last year. Total fiscal 2000 sales were actually down about one percent from last year to $2.18 billion, as a result of the company's initiative to lower inventory levels for its retail partners.

The decrease in greeting card shipments to retailers was offset partially by growth from other AG units, including DesignWare and GuildHouse.

In making the announcement, AG chairman and chief executive Morrey Weiss said the integration of Gibson Greetings and the continued success of the Bubblegum card line, which has achieved popularity in the United Kingdom, will drive company growth going forward.