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American Greetings announces fourth quarter loss

American Greetings Corp., parent of American Greetings Properties Group which owns kids IPs such as Care Bears and Strawberry Shortcake, rang up a fourth quarter loss of US$7.7 million from continuing operations.
April 18, 2007

American Greetings Corp., parent of American Greetings Properties Group which owns kids IPs such as Care Bears and Strawberry Shortcake, rang up a fourth quarter loss of US$7.7 million from continuing operations.

The US’s second-largest greeting card company, behind Hallmark Cards, sold its candle product lines and closed 60 of its retail stores resulting in respective losses of US$16 million and US$6.5 million. Meanwhile, the company’s net sales for the quarter were US$472.8 million compared to US$507.4 million over the same period last year.

For the year, the company reported net sales of US$1.7 billion with a pre-tax income from continuing operations of US$69.4 million.

About The Author
Gary Rusak is a freelance writer based in Toronto. He has covered the kids entertainment industry for the last decade with a special interest in licensing, retail and consumer products. You can reach him at garyrusak@gmail.com

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