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Party City Narrows Q1 Loss on Higher Revenue, Issues Upside Q2 Guidance

05/10/2021 04:11

07:58 AM EDT, 05/10/2021 (MT Newswires) -- Party City Holdco (PRTY) said Monday that it narrowed its Q1 adjusted net loss to $0.05 per share from a year-ago loss of $0.28 per share. Analysts polled by Capital IQ estimated a loss of $0.18 per share.

Net sales for the quarter reached $426.8 million, as compared with $414 million a year ago, The street estimate was $405.2 million. The company said comparable-store sales rose 36% versus a year ago and 0.4% from Q1.

Looking ahead to the second quarter, the company expects total revenue of $475 to $490 million, versus the Street estimate for revenue of $382.7 million, and GAAP net income of $10 million to $20 million with an assumed Q2 tax rate of 27%.

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