Your RDA of Irony

A Foreclosed House of Cards

American Greetings 2Q profit falls 73 pct on costs
Associated Press

Sep 26th, 2008 | PORTLAND, Ore. — American Greetings Corp. said Friday that second-quarter profit dropped 73 percent on lower margins and higher costs as the greeting card company invested in products to drive sales growth.

Profit dropped to $2.3 million, or 5 cents per share, in the three months ended Aug. 29 from $8.4 million, or 15 cents per share, a year ago. Sales rose 2.2 percent to $385.8 million from $377.5 million a year earlier.

The company’s best-selling cards may have been harbingers of the current economic situation.

The most popular Mother’s Day cards said, “Thanks for nothing” and “Why Did You Even Bother?”

Popular birthday cards expressed such sentiments “If you received this card, at least you still have an address” and “Can you pay me back for this card and the stamp?” The best-selling sympathy card read, “I wish it had been me.”

In response to the economic downturn, American Greetings is introducing a new line that should prove popular: a combination Christmas card and resumé.


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