This ad will be closed automatically in X seconds.

Party City shares rise following Q1 report

Leading US party chain retailer Party City has seen its shares jump by 12% following the news that its Q1 earnings have remained broadly in line with analyst estimates.

Despite reporting a net loss of $26.6 million for the quarter ended 31 March 2019, (compared to earnings of $4.1 million in the previous year), revenues rose to $513 million (from $508 million in the prior-year quarter), narrowly missing the consensus estimate of $520 million.

The chain – which recently announced the closure of 45 stores across the US in 2019 – has also revealed that it has signed a letter of agreement for a new source of helium, which will provide additional quantities this summer and for at least the next 30 months.

“We believe this new source should substantially eliminate the shortfall we are experiencing at current allocation rates and improve our ability to return to a normal level of latex and metallic balloon sales,” said ceo James Harrison.

The US retail group has also recently announced its plans to extend into the European market.

Smiffys trade marketing manager Sharon Poulter shares her thoughts on comedy dress-up....
Uber's US office has cut its $200k balloon bill and will be replacing the staff anniversary balloons with stickers. ...
The latest conviction has resulted in a £10,000 fine for the illegal trader. ...
Reflex is the latest addition to Amscan's range of Sempertex balloons....
New Catalogue Launch - PR2
The latest new release catalogue for 2019 has been released and is out now....
Greg Brown is joined by Australian balloon artist Chris Adamo for his latest interview....
Get the latest news sent to your inbox
Subscribe to our daily newsletter