Party City Holdco Inc. (NYSE: PRTY) today announced financial
results for the quarter and year ended December 31, 2016.
James M. Harrison, Chief Executive Officer, stated: “Our
performance in 2016 demonstrates the resiliency of our business,
the repeat purchase nature of our Everyday product categories, and
the strength of our unique vertical model. Despite an unfavorable
calendar shift affecting Halloween, our most important holiday, we
were able to deliver our 7th straight year of record revenues in
constant currency as a result of our diversified revenue model that
reaches across multiple channels. We are pleased that 2016 was also
our 16th consecutive year of record EBITDA, which has been driven
by consistently growing our share of shelf1 and continually
increasing our operational efficiencies.”
Highlights for Full Year 2016:
- Reported net income increased to a
record $117 million; while adjusted net income increased 21% to
$138 million
- Reported EPS improved to $0.98, while
adjusted EPS increased 14%, to $1.15
- Adjusted EBITDA increased 3% to a
record $390 million
- Expanded store base by
opening/acquiring 48 new stores (38 net of closures) in the U.S.
and Canada
- Generated free cash flow2 of $308
million and reduced leverage3 from 4.6 times to 4.1 times
- Generated cash interest savings of
approximately $57 million in 2016 as a result of the application of
our IPO proceeds towards debt reduction and the successful
refinancing of our debt in both 2015 and 2016
Mr. Harrison continued, “We have many opportunities ahead of us
in all aspects of our business to drive growth and further create
value. We will continue to execute our growth strategy which
includes manufacturing more of what we sell, growing our presence
in international markets and alternative channels, adding accretive
acquisitions, growing our store base, and enhancing the customer
experience, both in-store and online. Our continued focus on these
key initiatives will serve to position us for long-term,
sustainable growth.”
Full Year summary:
- Reported net income increased to $117
million from $10 million in 2015. Fiscal 2015 included one-time
charges associated with the Company’s initial public offering and
debt refinancing. Fiscal 2016 benefited from the debt reduction and
refinancing which drove interest expense down 28%.
- Adjusted net income improved 21% to
$138.3 million, compared to $114.2 million for fiscal 2015.
- Adjusted EBITDA increased 2.6% to
$390.0 million compared to $380.3 million in fiscal 2015.
- Reported diluted earnings per share
improved to $0.98 from $0.09. Adjusted diluted income per share
improved 14% to $1.15 from $1.01 in fiscal 2015.
- Total revenues of $2,283 million
decreased 0.5% on a reported basis and increased 0.5% on a constant
currency basis.
- Retail sales increased 1.2% on a
reported basis (1.6% on a constant currency basis) driven primarily
by 38 net new Party City stores added in the past twelve
months.
- Brand comparable sales decreased 0.4%
during 2016.
- Net third-party wholesale revenues
decreased 4.3% on a reported basis (increased 1% on an adjusted
basis when adjusting for the currency effect as well as the impact
of eliminating $19 million in intercompany sales for the 23
franchise store acquisitions over the last twelve months).
- Total gross profit margin increased 70
basis points (100 basis points when excluding the negative effects
of foreign exchange) to 40.4% of net sales, primarily due to higher
share of shelf and the benefits associated with improved product
sourcing, offset by increased occupancy costs and slightly higher
promotions.
- Operating expenses totaled 28.9% of
revenues, and increased 1% over 2015 to $659 million. Wholesale
selling expenses declined 6.7% primarily due to the reorganization
of the gift sales group. Retail operating expenses increased 1.9%
due to higher store count offset by operating fewer temporary
Halloween City stores and improved store labor productivity.
- During the year, the Company opened 29
new stores, acquired 19 franchise stores and closed ten
stores.
Fourth Quarter summary:
- Reported net income decreased 1.6% to
$85.2 million, while adjusted net income was roughly flat at $91.2
million, compared to $91.0 million for the fourth quarter of fiscal
2015.
- Adjusted EBITDA was $192.4 million, as
compared to $197.6 million in the fourth quarter of fiscal 2015. As
a percent of revenues, adjusted EBITDA increased to 25.7% from
25.3% in the fourth quarter of 2015. Reported earnings per share
decreased to $0.71 from $0.72. Adjusted diluted income per share
was flat at $0.76.
- Total revenues of $749 million declined
4.1% on a reported basis or 3.3% on a constant currency basis.
- Retail sales declined 3.3% on a
reported basis (-3.0% on a constant currency basis) driven by lower
brand comparable sales, which more than offset new store
growth.
- Brand comparable sales decreased 3.5%
in the fourth quarter of 2016 due to a two-day Halloween shift from
Saturday to Monday, which impacted adult participation in the
holiday.
- Net third-party wholesale revenues
decreased 6.8% on a reported basis (-1.0% on an adjusted basis when
adjusted for the currency effect as well as the elimination of $4.5
million in intercompany sales as a result of the acquisition of 23
franchise stores over the last twelve months). Revenue generated by
selling to these stores was previously reported as third party
sales.
- Total gross profit margin decreased 40
basis points to 46.4% of net sales, primarily due to the
deleveraging effect on occupancy costs from lower sales, the
negative effects of foreign exchange and slightly higher
promotions.
- Operating expenses were 25.6% of
revenues, and decreased $6.6 million from the fourth quarter of
2015 to $192.1 million. Wholesale selling expenses declined 8.6%
primarily due to the reorganization of the gift sales group and the
effect of foreign exchange. Retail operating expenses declined 1.9%
primarily due to lower advertising spend and the impact of 65 fewer
temporary Halloween City stores. General and administrative costs
declined 9.6% primarily due to lower incentive-based
compensation.
Balance sheet highlights as of December 31, 2016:
The Company ended the year with $1,608 million in debt (net of
cash) resulting in net debt leverage3 of 4.1 times and
approximately $369 million in availability under its asset-based
revolving credit facility.
Fiscal 2017 Outlook:
For 2017, the Company is providing the following guidance:
- Total revenue of $2.35 to $2.45
billion
- Brand comparable sales growth of 1% -
1.5%
- GAAP net income of $127 to $137
million
- GAAP diluted EPS of $1.05 to $1.14
- Adjusted EBITDA of $400 to $417
million
- Adjusted net income of $148 to $158
million
- Adjusted diluted EPS of $1.23 to
$1.30
- Net debt leverage of approximately 3.5X
times by the end of 2017
The Company has reconciled Non-GAAP outlook measures to the most
directly comparable GAAP measures later in this release. See
"Non-GAAP Information" and “Reconciliation of 2017 Outlook” for a
more detailed explanation, including definitions of the various
Non-GAAP terms used in this release.
_______________________________________
1 The percentage of our retail product cost of sales
supplied by our wholesale operations 2 Defined as adjusted EBITDA
less capital expenditures 3 Defined as net debt to adjusted EBITDA
Conference Call Information:
A conference call to discuss fourth quarter and full year 2016
financial results is scheduled for today, March 9, 2017, at 8:00
a.m. Eastern Time. Investors and analysts interested in
participating in the call are invited to dial 877-201-0168
(U.S. domestic) and 647-788-4901 (international), and enter
conference ID#56432672, approximately 10 minutes prior to
the start of the call. The conference call will also be webcast at
http://investor.partycity.com/. To listen to the live call, please
go to the website at least 15 minutes early to register and
download any necessary audio software. The webcast will be
accessible for one year after the call.
Website Information:
We routinely post important information for investors on the
Investor Relations section of our
website, http://investor.partycity.com/. We intend to use this
website as a means of disclosing material, non-public information
and for complying with our disclosure obligations under Regulation
FD. Accordingly, investors should monitor the Investor Relations
section of our website, in addition to following our press
releases, SEC filings, public conference calls, presentations and
webcasts. The information contained on, or that may be accessed
through, our website is not incorporated by reference into, and is
not a part of, this document.
Non-GAAP Information:
This press release includes non-GAAP measures including Adjusted
EBITDA and Adjusted Net Income/Loss and Adjusted Earnings per
Share. We present these non-GAAP financial measures because we
believe they assist investors in comparing our performance across
reporting periods on a consistent basis by eliminating items that
we do not believe are indicative of our core operating performance.
In addition, we use Adjusted EBITDA: (i) as a factor in
determining incentive compensation, (ii) to evaluate the
effectiveness of our business strategies and (iii) because our
credit facilities use Adjusted EBITDA to measure compliance with
certain covenants. The Company has reconciled these non-GAAP
financial measures with the most directly comparable GAAP financial
measures in tables accompanying this release. We also evaluate our
results of operations on both an as reported and a constant
currency basis. The constant currency presentation, which is a
non-GAAP measure, excludes the impact of fluctuations in foreign
currency exchange rates. We calculate constant currency percentages
by converting our prior-period local currency financial results
using the current period exchange rates and comparing these
adjusted amounts to our current period reported results. We also
provide free cash flow, defined as Adjusted EBITDA less capital
expenditures, and net debt leverage, which is calculated by adding
Loans and Notes Payable, Current Portion of Long Term Obligations
and Long Term Obligations, Excluding Current Portion, subtracting
Cash and Cash Equivalents and dividing by Adjusted EBITDA for the
trailing twelve month period. Adjusted Earnings per Share is
calculated by dividing Adjusted Net Income by the Weighted Average
Number of Common Shares-Diluted. We believe providing these
non-GAAP measures provides valuable supplemental information
regarding our results of operations and leverage, consistent with
how we evaluate our performance. In evaluating these non-GAAP
financial measures, investors should be aware that in the future
the Company may incur expenses or be involved in transactions that
are the same as or similar to some of the adjustments in this
presentation. The Company's presentation of non-GAAP financial
measures should not be construed to imply that its future results
will be unaffected by any such adjustments. The Company has
provided this information as a means to evaluate the results of its
core operations. Other companies in the Company's industry may
calculate these items differently than it does. Each of these
measures is not a measure of performance under GAAP and should not
be considered as a substitute for the most directly comparable
financial measures prepared in accordance with GAAP. Non-GAAP
financial measures have limitations as analytical tools, and
investors should not consider them in isolation or as a substitute
for analysis of the Company's results as reported under GAAP.
Forward-Looking Statements:
This press release contains forward-looking statements made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements give
current expectations or forecasts of future events or our future
financial or operating performance, and include Party City’s
expectations regarding revenues, brand comparable sales, Adjusted
EBITDA, Adjusted net income/loss, adjusted diluted earnings per
share, average common shares outstanding and the effective tax
rate. The forward-looking statements contained in this press
release are based on management's good-faith belief and reasonable
judgment based on current information, and these statements are
qualified by important risks and uncertainties, many of which are
beyond our control, that could cause our actual results to differ
materially from those forecasted or indicated by such
forward-looking statements. These risks and uncertainties include:
our ability to compete effectively in a competitive industry;
fluctuations in commodity prices; our ability to appropriately
respond to changing merchandise trends and consumer preferences;
successful implementation of our store growth strategy; decreases
in our Halloween sales; disruption to the transportation system or
increases in transportation costs; product recalls or product
liability; economic slowdown affecting consumer spending and
general economic conditions; loss or actions of third party vendors
and loss of the right to use licensed material; disruptions at our
manufacturing facilities; and the additional risks and
uncertainties set forth in “Risk Factors” in Party City’s latest
Form 10-K and in subsequent reports filed with or furnished to the
Securities and Exchange Commission. Although we believe that the
expectations reflected in the forward-looking statements are
reasonable, we cannot guarantee future events, outlook, guidance,
results, actions, levels of activity, performance or achievements.
Readers are cautioned not to place undue reliance on these forward
looking statements. Except as may be required by any applicable
laws, Party City assumes no obligation to publicly update or revise
such forward-looking statements, which are made as of the date
hereof or the earlier date specified herein, whether as a result of
new information, future developments or otherwise.
About Party City
Party City Holdco Inc. is the leading party goods company by
revenue in North America and, we believe, the largest vertically
integrated supplier of decorated party goods globally by revenue.
The Company is a popular one-stop shopping destination for party
supplies, balloons, and costumes. In addition to being a great
retail brand, the Company is a global, world-class organization
that combines state-of-the-art manufacturing and sourcing
operations, and sophisticated wholesale operations complemented by
a multi-channel retailing strategy and e-commerce retail
operations. The Company is the leading player in its category,
vertically integrated and unique in its breadth and depth. Party
City Holdco designs, manufactures, sources and distributes party
goods, including paper and plastic tableware, metallic and latex
balloons, Halloween and other costumes, accessories, novelties,
gifts and stationery throughout the world. The Company’s retail
operations include over 900 specialty retail party supply stores
(including approximately 160 franchise stores) throughout North
America operating under the names Party City and Halloween City,
and e-commerce websites, principally through the domain name
PartyCity.com.
PARTY CITY HOLDCO INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share
data)
December 31, December
31, 2016 2015 ASSETS Unaudited Current
assets: Cash and cash equivalents $64,610 $42,919 Accounts
receivable, net 134,091 132,287 Inventories, net 613,868 564,259
Prepaid expenses and other current assets 68,255 50,450 Total
current assets 880,824 789,915 Property, plant and equipment, net
292,904 272,420 Goodwill 1,572,568 1,562,515 Trade names 566,599
568,712 Other intangible assets, net 76,581 89,157 Other assets,
net 4,502 9,684 Total assets $3,393,978 $3,292,403
LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities:
Loans and notes payable $120,138 $126,136 Accounts payable 163,415
111,616 Accrued expenses 149,683 146,319 Income taxes payable
46,675 8,504 Current portion of long-term obligations 13,348 14,552
Total current liabilities 493,259 407,127 Long-term obligations,
excluding current portion 1,539,604 1,646,121 Deferred income tax
liabilities 278,819 276,667 Deferred rent and other long-term
liabilities 65,507 49,471 Total liabilities 2,377,189 2,379,386
Stockholders’ equity: Common stock (119,515,894 and
119,258,374 shares issued and outstanding at December 31, 2016 and
2015, respectively) 1,195 1,193 Additional paid-in capital 910,167
904,425 Retained earnings 157,666 40,189 Accumulated other
comprehensive loss (52,239) (32,790) Total stockholders’ equity
1,016,789 913,017 Total liabilities and stockholders’ equity
$3,393,978 $3,292,403
PARTY CITY HOLDCO INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE INCOME (LOSS)
(In thousands, except share and per
share data)
Three Months Ended December
31, Year Ended December 31, 2016
2015 2016 2015 Revenues: Net
sales $743,292 $774,341 $2,266,386 $2,275,122 Royalties and
franchise fees 5,996 7,160 17,005 19,411 Total revenues 749,288
781,501 2,283,391 2,294,533 Expenses: Cost of sales 398,093
412,217 1,350,387 1,370,884 Wholesale selling expenses 14,102
15,435 59,956 64,260 Retail operating expenses 130,513 133,064
408,583 401,039 Franchise expenses 4,706 3,797 15,213 14,394
General and administrative expenses 37,091 41,049 152,919 151,097
Art and development costs 5,653 5,271 22,249 20,640 Total expenses
590,158 610,833 2,009,307 2,022,314 Income from operations 159,130
170,668 274,084 272,219 Interest expense, net 21,523 21,931
89,380 123,361 Other (income) expense, net 2,097 4,471 (2,010)
130,990 Income before income taxes 135,510 144,266 186,714 17,868
Income tax expense 50,334 57,743 69,237 7,409 Net income $85,176
$86,523 $117,477 $10,459 Comprehensive income (loss)
$75,673 $83,384 $98,028 ($9,596) Net income per common
share-Basic $0.71 $0.73 $0.98 $0.09 Net income per common
share-Diluted $0.71 $0.72 $0.98 $0.09 Weighted-average number of
common shares-Basic 119,505,541 119,258,374 119,381,842 111,917,168
Weighted-average number of common shares-Diluted 120,541,211
120,266,120 120,369,672 112,943,807
PARTY CITY HOLDCO INC.
RECONCILIATION OF ADJUSTED
EBITDA
(In thousands)
Three Months Ended December 31,
Year Ended December 31, 2016 2015
2016 2015 Net income $85,176
$86,523 $117,477 $10,459 Interest expense, net 21,523 21,931 89,380
123,361 Income taxes 50,334 57,743 69,237 7,409 Depreciation and
amortization 22,444 20,948 83,630 80,515
EBITDA 179,477
187,145 359,724 221,744 Non-cash purchase accounting adjustments
425 (1,509) 4,114 4,470 Management fee (a) - - - 31,627
Restructuring, retention and severance 657 7 911 2,318 Refinancing
charges (b) 1,458 - 1,458 94,607 Deferred rent (c) 6,595 3,827
18,835 13,407 Store closing expenses (d) 761 998 3,688 1,901
Foreign currency (gains) losses, net (472) 1,909 (7,417) 3,691
Equity based compensation 1,024 948 3,853 3,042 Undistributed
non-cash (gain) loss in unconsolidated joint venture (66) 185 314
562 Gain on sale of assets (e) - - - (2,660) Change-of-control
license premium - 3,000 - 3,000 Corporate development expenses (f)
2,395 243 4,290 1,786 Other 161 849 279 798
Adjusted EBITDA $192,415 $197,602 $390,049
$380,293
Adjusted EBITDA margin 25.7% 25.3% 17.1%
16.6% (a) In 2012, the Company entered into a management
agreement with THL and Advent under which THL and Advent provided
advice to the Company on, among other things, financing,
operations, acquisitions and dispositions. Under the agreement, THL
and Advent were paid an annual management fee for such services. In
connection with the initial public offering, the management
agreement was terminated and the Company paid THL and Advent a
termination fee. Such amount was recorded in other expense, net in
the Company’s consolidated statement of operations and
comprehensive loss for the year ended December 31, 2015. (b)
During the third quarter 2015, the Company refinanced its debt. In
conjunction with the refinancing, the Company paid a call premium
and other third-party costs. The Company recorded such payments,
$56.4 million in aggregate, in other expense in the Company’s
consolidated statement of operations and comprehensive loss.
Additionally, in conjunction with the refinancing, the Company
wrote off $22.7 million of capitalized deferred financing costs,
original issuance discounts and call premiums. During the second
quarter 2015, the Company used proceeds from the initial public
offering to redeem notes. The redemption resulted in a prepayment
penalty of $7.0 million. Additionally, in conjunction with the
redemption, the Company wrote off $8.6 million of capitalized debt
issuance costs and original issuance discounts related to the
notes. (c) The deferred rent adjustment reflects the
difference between accounting for rent and landlord incentives in
accordance with GAAP and the Company’s actual cash outlay for such
items. (d) Charges incurred related to closing unprofitable
stores. (e) During January 2015, the Company recorded a gain
on the sale of certain assets obtained in the October 2014
acquisition of U.S. Balloon Manufacturing Co., Inc.
(f) Principally represents third-party
costs related to acquisitions (primarily legal expenses and
diligence fees). Such costs are excluded from the definition of
"Consolidated Adjusted EBITDA" that is utilized for certain
covenants in the Company's credit agreements.
PARTY CITY HOLDCO INC.
RECONCILIATION OF ADJUSTED NET
INCOME
(In thousands, except share and per
share data)
Three Months Ended
December 31, Year Ended December 31, 2016
2015 2016 2015 Income
before income taxes $135,510 $144,266 $186,714 $17,868
Intangible asset amortization 5,065 4,669 17,247 18,885 Non-cash
purchase accounting adjustments (c) 309 (1,985) 5,300 6,445
Amortization of deferred financing costs and original issuance
discount (b) 1,997 1,291 5,818 40,516 Management fee (a) - - -
31,627 Refinancing charges (b) 725 - 725 65,338 Equity based
compensation 1,024 948 3,853 3,042 Impairment charges - 852 - 852
Gain on sale of assets - - - (2,660) Change-of-control license
premium - 3,000 - 3,000
Adjusted income before income taxes
144,630 153,041 219,657 184,913 Adjusted income tax expense (d)
53,462 62,062 81,380 70,707
Adjusted net income $91,168
$90,979 $138,277 $114,206
Adjusted net income per common
share - diluted $0.76 $0.76 $1.15 $1.01
Weighted-average number of common shares-diluted 120,541,211
120,266,120 120,369,672 112,943,807 (a) In 2012, the Company
entered into a management agreement with THL and Advent under which
THL and Advent provided advice to the Company on, among other
things, financing, operations, acquisitions and dispositions. Under
the agreement, THL and Advent were paid an annual management fee
for such services. In connection with the initial public offering,
the management agreement was terminated and the Company paid THL
and Advent a termination fee. Such amount was recorded in other
expense, net in the Company’s consolidated statement of operations
and comprehensive loss for the year ended December 31, 2015.
(b) During the third quarter 2015, the Company refinanced its debt.
In conjunction with the refinancing, the Company paid a call
premium and other third-party costs. The Company recorded such
payments, $56.4 million in aggregate, in other expense in the
Company’s consolidated statement of operations and comprehensive
loss. Additionally, in conjunction with the refinancing, the
Company wrote off $22.7 million of capitalized deferred financing
costs, original issuance discounts and call premiums. Further, as
the Company was required to provide 30 days of notice when calling
its old senior notes, during a portion of the third quarter 2015
both the old senior notes and the new senior notes were
outstanding. The overlapping interest expense, $2.0 million, is
included in “Refinancing charges” in the adjusted net income table
above. During the second quarter 2015, the Company used proceeds
from the initial public offering to redeem the other notes. The
redemption resulted in a prepayment penalty of $7.0 million.
Additionally, in conjunction with the redemption, the Company wrote
off $8.6 million of capitalized debt issuance costs and original
issuance discounts related to such notes. (c ) On July 27,
2012, PC Merger Sub, Inc., which was our wholly-owned indirect
subsidiary, merged into Party City Holdings Inc. (“PCHI”), with
PCHI being the surviving entity (the “Transaction”). As a result of
the Transaction, the Company applied the acquisition method of
accounting and increased the value of certain property, plant and
equipment. The impact of such adjustments on depreciation expense
increased the Company’s expenses. These property, plant and
equipment depreciation amounts are included in “Non-cash purchase
accounting adjustments” for purposes of calculating “adjusted net
income,” but are excluded from “Non-cash purchase accounting
adjustments” for purposes of calculating adjusted EBITDA since they
are included in depreciation expense. (d) Represents income
tax expense/benefit after excluding the specific tax impacts for
each of the pre-tax adjustments. The tax impacts for each of the
adjustments were determined by applying to the pre-tax adjustments
the effective income tax rates for the specific legal entities in
which the adjustments were recorded.
PARTY CITY HOLDCO INC.
RECONCILIATION OF 2017 OUTLOOK
(In millions)
UNAUDITED
Full year 2017 Outlook Net income: $127
- $137 Intangible asset amortization, net of tax:
9
Amortization of deferred financing costs and original issuance
discount, net of tax:
3
Equity based compensation, net of tax:
3
Non-cash purchase accounting adjustments, net of tax:
6
Adjusted net income (a): $148 - $158
Net income: $127 - $137 Income taxes:
76 - 82 Interest expense, net: 88 - 86 Depreciation and
amortization:
87
EBITDA: $378 - $392 Deferred rent: 8 - 9 Equity based
compensation:
4
Non-cash purchase accounting adjustments:
6
Restructuring, retention and severance: 2 - 3 Undistributed loss in
unconsolidated joint ventures: 1 - 2 Other (b):
1
Adjusted EBITDA (a): $400 - $417 (a)
Amounts may not total due to rounding. (b) Includes adjustments for
corporate development and store closing expenses, among other
items.
PARTY CITY HOLDCO INC.
SEGMENT INFORMATION
(In thousands except
percentages)
Three Months Ended December
31, 2016 2015 Total Revenues
Dollars in thousands
Percentage of Total
Revenues
Dollars in thousands
Percentage of Total
Revenues
Net Sales: Wholesale $307,147 41.0% $303,272 38.8% Eliminations
(161,711) (21.6%) (147,259) (18.8%) Net wholesale 145,436 19.4%
156,013 20.0% Retail 597,856 79.8% 618,328 79.1% Total net sales
743,292 99.2% 774,341 99.1% Royalties and franchise fees 5,996 0.8%
7,160 0.9% Total revenues $749,288 100.0% $781,501 100.0%
Year Ended December 31, 2016 2015
Total Revenues
Dollars in thousands
Percentage of Total
Revenues
Dollars in thousands
Percentage of Total
Revenues
Net Sales: Wholesale $1,252,218 54.8% $1,226,989 53.5% Eliminations
(626,900) (27.4%) (573,391) (25.0%) Net wholesale 625,318 27.4%
653,598 28.5% Retail 1,641,068 71.9% 1,621,524 70.7% Total net
sales 2,266,386 99.3% 2,275,122 99.2% Royalties and franchise fees
17,005 0.7% 19,411 0.8% Total revenues $2,283,391 100.0% $2,294,533
100.0%
Three Months Ended December 31,
2016 2015 Total Gross Profit
Dollars in thousands
Percentage of Net Sales
Dollars in thousands
Percentage of Net Sales
Retail $292,185 48.9% $308,629 49.9% Wholesale 53,014 36.5% 53,495
34.3% Total $345,199 46.4% $362,124 46.8%
Year
Ended December 31, 2016 2015 Total Gross
Profit
Dollars in thousands
Percentage of Net Sales
Dollars in thousands
Percentage of Net Sales
Retail $711,468 43.4% $703,236 43.4% Wholesale 204,531 32.7%
201,002 30.8% Total $915,999 40.4% $904,238 39.7%
PARTY CITY HOLDCO INC.
OPERATING METRICS
Three
Months Ended December 31, Fiscal Year 2016
2015 2016 Store Count Corporate Stores:
Beginning of period 737 704 712 New stores opened 15 10 29 Acquired
- 4 19 Closed (2) (6) (10) End of period 750 712 750 Franchise
Stores: Beginning of period 184 204 200 Opened 1 - 5 Sold to Party
City - (4) (19) Closed (1) - (2) End of period 184 200 184 Grand
Total 934 912 934
Three
Months Ended December 31, Year Ended December 31,
2016 2015 2016 2015 Share of
Shelf (a) 77.9% 77.2% 76.6% 75.0%
Three Months Ended December 31, Year Ended
December 31, 2016 2015 2016 2015
Brand comparable sales
(b)
-3.5% 2.8% -0.4% 1.5% (a) Share of shelf represents the
percentage of our retail product cost of sales supplied by our
wholesale operations. (b) Party City brand comparable sales
include North American e-commerce sales.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170309005200/en/
Party City Holdco Inc.Deborah Belevan, 914-784-8324VP of
Investor RelationsInvestorRelations@partycity.com
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