Management seems really open to questions, as compared to their SEC disclosures which are pretty bare-bone.
The market is responding OK, with the stock up slightly. I would have thought the response would be worse.
Focusing on the Clinton Cards acquisition, AM expects operating losses for the balance of this fiscal year and next year. It expects the operation to be "accretive" in fiscal 2015. They specifically used the word "accretive" and not "profitable", so I assume the 2015 accretion includes the margin on wholesale sales to Clinton, as well as Clinton's own operations. The cost through 2015 will be something like $ 80 million - $ 90 million. So we're looking at 2 years of losses, not too big, but this will cloud the quarterly results for the next 2 years, especially if things don't work out as well as they hope. Apparently, Clinton's vendors had cut them off for a while, so it will take some time to re-fill the remaining stores, and hope that customers return. AM has hired Schnurman (maybe spelling is wrong) to manage the UK stores - that's the company that bought the US stores a few years ago.
Coupling this with the continuing SAP implementation, quarterly results will probably be lumpy and difficult to project. Especially once the new HQ project starts. (They are still working with the architects.)
I have owned a small number of AM shares for a while, and with the dividend I was willing to hold for a while. But now the turnaround is pushed back, and the gamble on UK retail, I don't think I'm sticking around.