US-based party and Halloween retailer Party City has announced its financial results for Q2 2018, which ended June 30 2018, with total revenues increasing by 3%, to $561million.
Retail sales also increased by 2.9%, driven primarily by the growth from recent store acquisitions. The increase was primarily driven by continued strength in core international markets and strong performance in the foil balloon category.
Total reported net income for the quarter was also on the rise, coming in at $28million compared to $25million in the same period of 2017.
“I am pleased with the solid second quarter results that were in-line with our expectations on both the top and bottom line,” said ceo James M. Harrison. “In the quarter, we delivered 3% topline growth and grew income from operations by almost 8%.”
He continued; “These results demonstrate the strength of our vertical model, the continued benefit of our cost discipline and productivity initiatives combined with operational progress on all fronts, reinforcing our position as a world-class vertical retailer.”
“As we enter the third quarter, we continue to make good progress on our strategic growth initiatives and are well-positioned for the upcoming Halloween selling season. The recent announcements of the expansion of our seasonal pop-up store offering with 50 Toy City locations and our seasonal pilot program with Amazon will only strengthen the offer for customers. Given performance to date and the outlook for the second half of the year, we are reiterating our full year 2018 guidance.”
