Major organisational changes at Party City

Party City’s chief financial officer Daniel Sullivan will be leaving the company later this month, to pursue other professional opportunities.

The US-based party and costume retailer, which reported weaker-than-expected 2018 financial results last week, has already started to look for his replacement.

“Dan has been a terrific partner since joining the company in 2016,” said the company’s chief executive, James Harrison. “He has improved our business, processes and practices in many ways while building a strong finance organisation.”

Michael Correale, Party City’s chief accounting officer, will serve as interim cfo until a permanent successor has been found.

The company’s net income totaled $122.8 million for the year, down 43%. Revenue rose 2.4% to $2.42 billion in 2018.

Last week, Party City reported that its total gross profit margin fell by 0.2% to 40.6% due to higher freight and distribution costs and rising commodity prices including increased helium costs.

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