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.
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