- Party City Holdco Inc (NYSE:PRTY) reported first-quarter FY22 sales growth of 1.4% year-on-year to $432.98 million, missing the consensus of $435.80 million.
- Brand comparable sales increased 2.1% versus last year. Total retail sales increased 2.3%.
- The gross profit margin decreased 380 basis points Y/Y to 31.9%. The operating loss for the quarter was $(20.1) million.
- Adjusted EPS loss of $(0.22) missed the consensus of $(0.12).
- Adjusted EBITDA was $4.6 million versus $32.4 million the previous year, driven primarily by higher freight, material, and labor costs.
- The total number of corporate Party City stores was 830 as of March 31, 2022, versus 833 last year.
- The company held $32.6 million in cash and equivalents as of March 31, 2022.
- "As expected, our bottom-line results were impacted by elevated costs, including greater than anticipated freight and commodity cost pressures that ramped later in the quarter," said CEO Brad Weston. "As we look to the remainder of 2022, we expect supply chain and inflationary headwinds to continue, which is reflected in our updated outlook."
- Outlook: Party City sees FY22 sales of $2.225 billion - $2.30 billion (prior view: $2.275 billion - $2.35 billion), versus the consensus of $2.3 billion.
- It expects brand comp sales change of approximately -1% to 2% (prior view: 2.0% to 4.0%).
- Adjusted EBITDA of $235 million - $265 million (prior view: $275 million - $300 million).
- Price Action: PRTY shares are trading lower by 22.2% at $2.38 in premarket on the last check Monday.
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