CSS Industries, Inc. Revises Earnings Guidance for the Fiscal Year 2019
February 07, 2019 at 04:15 pm EST
Share
CSS Industries, Inc. provided earnings guidance for the fiscal year 2019. The Company is adjusting its outlook for fiscal 2019 full year net sales, net income to reflect ongoing erosion within its replenishment craft and gift businesses. The company now expects net sales for its fiscal 2019 to be in the range of $390 million to $400 million, resulting in year over year growth of 8% to 11%. The driver of the growth will be the full year impact of the Simplicity acquisition, partially offset by a decline in the Company’s base business. Net loss outlook is revised and is now expected to be in the range of $29.0 million to $31.4 million compared to a net loss of $36.5 million in fiscal 2018. The increase from previously provided guidance of a net loss of $10.2 million to $12.5 million is driven mainly by the mix of lower sales volume, higher manufacturing costs, additional restructuring expenses and the non-cash tax valuation allowance.
CSS Industries, Inc. is a United States-based consumer products company. The Company is engaged in development, manufacture, procurement, distribution and sale of various categories of products include seasonal, which includes holiday gift packaging items, such as ribbon, bows, greeting cards, bags, tags and gift card holders, in addition to specific holiday-themed decorations, accessories, and activities; gift, which includes products designed to celebrate certain life events or special occasions, such as weddings, birthdays, anniversaries, graduations, or the birth of a child, and its offered products include ribbons and bows, floral accessories, infant products, journals, gift card holders, all occasion boxed greeting cards, memory books, scrapbooks, stationery and other items; and craft, which includes sewing patterns, ribbons and trims, buttons, knitting needles, needle arts and kids crafts.