11:28 AM, Aug 9, 2018 — Party City (PRTY) will start selling some of its products on e-commerce giant Amazon.com (AMZN), extending online sales from its own website while also reporting slightly better-than-expected results for the second quarter.
The Elmsford, New York-based decorations company said it will start the pilot program before this year’s Halloween season and will “initially offer a curated product assortment focused largely on the costume category.” Party City is poised to expand the products to include Christmas and New Year’s, and will possibly grow the offerings further in 2019.
“The Amazon pilot we are launching will complement PartyCity.com’s category leading capabilities and serve to advance our overarching strategy of having Party City products available to consumers wherever they choose to shop,” said James Harrison, the company’s chief executive officer.
In a separate release, Party City said second-quarter revenue rose 3% on a reported basis and 2.3% in constant currency to $561 million. Adjusted diluted income jumped to $0.40 a share from $0.28. That was a penny better than the consensus on Capital IQ, while revenue was about in line with Wall Street’s views.
“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,” Harrison said.
Party City maintained its outlook for the full year, projecting total revenue of $2.44 billion to $2.49 billion and adjusted diluted EPS of $1.76 to $1.87. The Street’s view is for $1.84 in earnings and revenue of $2.48 billion.
Companies: Party City Holdco Inc.
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