Retail

Party City to Launch Online Marketplace, Beats Street

Following its successful earnings announcement, Party City has shared its plans to launch its own online marketplace specifically for party services. Through this site, suppliers and consumers are connected to enable a more streamlined approach to scheduling and paying for party items like entertainment and decorations.

While the retailer reported a $4.7 million loss in Q1, which included a one-time company restructuring monetary spend of $9.2 million, Party City’s earnings actually exceeded expectations on Wall Street with total revenue up 4.2 percent for Q1 2017.

Party City’s CEO, James M. Harrison, commented on the company’s Q1 2017 earnings report and hints at its future momentum. He said “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. We made significant progress on the acquisition front, strengthening our vertical model, expanding our company-owned footprint and increasing our global presence. We are building on our successful track record of making highly accretive acquisitions, and we have a robust pipeline of further opportunities.”

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