Css Industries, Inc. (NYSE:CSS)

As we look forward, early indications for our Christmas offerings indicate that retailers are approaching this Christmas selling season very cautiously and may be reducing their buys to reflect the poor sell throughs experienced during the calendar Christmas 2008 retail selling season. All occasion product demand appears to be improving from the reduced level we experienced in the second half of fiscal 2009; however, it is still too early to determine if a trend is developing for the current fiscal year. Because of the uncertainty related to demand for products, we will not provide earnings guidance for our current fiscal year.

Source: Business Wire (May 21, 2009)

Guidance Report:

“Sales volume for the quarter was well below prior year results. While we anticipated a reduction in Christmas sales as reported in prior announcements, all occasion product sales were also negatively impacted by the economic downturn,” said Christopher J. Munyan, President and CEO. “As announced on December 23, 2008, we will not achieve our previously reported earnings expectations of $2.40 to $2.55 per diluted share. We believe the weak economic climate will continue and therefore have revised our current fiscal year earnings expectations downward to reflect weakened demand for our products. We now expect earnings to be in the range of $1.70 to $1.90 per diluted share. In order to combat the impact of the current economic environment we are continuing to reduce costs.”

Source: Business Wire (January 27, 2009)