Party City to launch broad-spectrum online marketplace
Party City Holdco Inc. (NYSE:PRTY) announced May 9 financial results for the first quarter ended March 31, 2017.
James M. Harrison, Chief Executive Officer, stated, “2017 is off to a solid start with first quarter results that were in line with our expectations. A compelling assortment, good in-store execution and strong holiday performance were all positive contributors in our retail business. In our consumer products business, we realized over 17% growth internationally in constant currency, driven by category growth and continued channel expansion throughout the U.K., continental Europe and Australia.
“In addition, we have entered into an agreement to develop an online, easy-to-use party marketplace that will help party throwers design a party with a broad spectrum of vetted party service providers and party supplies. While this project is still in the early stages, we believe there are natural synergies to be realized by bringing these services together to enhance our share of the party wallet.
Mr. Harrison concluded, “Our business offers multiple levers for sustainable top and bottom-line growth, and we remain focused on delivering against our strategic initiatives. We are reiterating our previously provided guidance for 2017 with respect to our topline, brand comp and adjusted earnings.”