CSS Sales See Modest Drop
GDA Staff -- Gifts and Dec, 2/18/2011 4:11:19 PM
Philadelphia, PA - Seasonal stationery vendor CSS Industries Inc., owner of Paper Magic Group and Berwick Offray, reported a 4 percent drop in sales for the quarter ended December 31, 2010. The company attributed the decrease primarily to lower sales of Christmas wrapping paper. Net income, however, increased 1 percent, due to lower costs of goods sold and lower selling, general and administrative and interest expenses.
Because of its seasonal business, the company normally sees operating losses in the first and fourth quarters of the fiscal year and operating profits in the second and third quarters.
Christopher J. Munyan, CSS' president and CEO, said in a statement, "Looking forward, we continue to believe that improved operational efficiencies and processes that we have already implemented, combined with expected higher sales in the fourth quarter of fiscal 2011 [...] will result in improved profitability."
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