Party City has been grappling with a helium shortage, but says they have found a new source
If it seems like parties have been a little less festive lately, it might be because of a helium shortage that has grounded the balloon business.
The helium shortage created a 200-basis-point headwind for first-quarter results, according to James Harrison, chief executive of Party City. Wholesale sales of Mylar balloons were down about 8% due to the shortage, which is expected to be a headwind once again in the second quarter.Now, Party City has found an alternative source for about 15% of its annual helium requirement, which should help shoppers get the party started.
Party City reported earnings that matched the FactSet consensus but missed on sales, thanks in part to “helium headwinds.” “This year, after careful consideration and evaluation of our store fleet, we’ve made the decision to close more stores than usual in order to help optimize our market level performance, focus on the most profitable locations and improve the overall health of our store portfolio,” said Harrison.Still, the company said that its analysis has uncovered a “whitespace” of about 200 new stores across the United States and Canada.
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