American Greetings Reaffirms Earnings Estimates for Fiscal 2002
Corporation provides quarterly EPS estimate ranges, announces first
quarter conference call

CLEVELAND, May 18 /PRNewswire/ -- American Greetings Corporation (NYSE: AM) today reaffirmed its previously announced earnings estimate of $1.10 to $1.20 per share for fiscal 2002, exclusive of one-time items. The corporation also provided quarterly EPS projections.

American Greetings had issued estimates for full-year fiscal 2002 when it released its year-end earnings in March, but had not previously offered quarterly projections. The corporation has issued these more detailed estimate ranges to provide further clarification regarding its expectations for the year on a quarter-by-quarter basis.

The corporation projects its quarterly earnings per share for fiscal 2002 should be in the following ranges:

    First quarter ended May 31, 2001:         25 cents to 30 cents
    Second quarter ended Aug. 31, 2001:       45-cent loss to 40-cent loss
    Third quarter ended Nov. 30, 2001:        60 cents to 65 cents
    Fourth quarter ended Feb. 28, 2002:       65 cents to 70 cents

These estimates exclude the previously announced expected impact of one- time items, including charges related to the corporation's current restructuring effort, the implementation of scan-based trading at select retailers and anticipated changes in contractual relationships with strategic partners in the corporation's Internet business.

First quarter earnings release and conference call

American Greetings will release its first quarter results at 9 a.m. Eastern time on Tuesday, June 19, 2001 and broadcast its conference call live on the Internet at 10:30 a.m. Eastern time the same day.

The conference call will be accessible through the Investor Relations section of the American Greetings corporate Web site at
http://corporate.americangreetings.com/ . Minimum requirements to listen to the Web cast are RealPlayer software (available free at http://www.real.com/), audio capabilities, and at least a 14.4Kbps connection to the Internet. A replay of the Web cast will also be available on the site.

About American Greetings

American Greetings is the world's largest publicly held creator, manufacturer and distributor of greeting cards and social expression products. Its staff of artists, designers and writers comprises one of the largest creative departments in the world and helps consumers "say it best" by supplying more than 15,000 greeting card designs to retail outlets in nearly every English-speaking country. Located in Cleveland, Ohio, American Greetings drives annual sales of more than $2.5 billion. For more information on the company, visit http://www.americangreetings.com/ on the World Wide Web.

The statements contained in this release that are not historical facts are forward-looking statements. Actual results may differ materially from those projected in the forward-looking statements. These forward-looking statements involve risks and uncertainties, including but not limited to: retail bankruptcies and consolidations, successful integration of acquisitions, a weak retail environment, consumer acceptance of products as priced and marketed, the impact of technology on core product sales and competitive terms
of sale offered to customers. Risks pertaining specifically to the corporation's electronic marketing business include the ability of
AmericanGreetings.com to attract strategic partners as investors, the viability of online advertising as a revenue generator, and the public's acceptance of online greetings and other social expression products.