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IParty Corp. Reports Sales For Calendar Month October 2011

Stocks in this article: IPT

iParty Corp. (NYSE Amex: IPT - news), a party goods retailer, today reported total company sales of $17.6 million for the calendar month of October, 2011, a decrease of 11.1% compared to total company sales in calendar October 2010.

Sal Perisano, Chairman and Chief Executive Officer of iParty Corp., commented “On Saturday, October 28 th, New England was struck with a freak early season Nor’easter that deposited as much as 30 inches of heavy snow onto our markets and caused widespread power outages for our customers and certain of our stores. Eleven of our party stores and one temporary Halloween store lost power and were temporarily closed. Four of those stores were still closed as of Tuesday morning, November 1 st. Also as a consequence of the storm, Halloween trick or treating was cancelled or postponed in many of the communities we serve. For those of our stores that remained open through the storm and its aftermath, Halloween season sales were significantly affected by the disruption experienced by our customers as a result of the storm.”

For the thirty-one day calendar month of October 2011, total company sales were $17.6 million, compared to $19.8 million for the same period in 2010. Sales at comparable stores for the calendar month decreased 12.8% compared to the same period in 2010.

For the five week fiscal month of October, which ended on October 29 th, total sales decreased by 11.4% compared to the same fiscal month period in 2010. Sales at comparable stores decreased 13.0% for the October fiscal month compared to the fiscal month of October 2010.

For the calendar year 2011 through October, total company sales were $67.9 million, a 4.5% decrease compared to the same period in 2010. Sales at comparable stores for this period decreased 7.2% compared to the same period in 2010. For the forty-four week period through fiscal October 2011, which ended on October 29 th, total company sales decreased by 4.1%, and sales at comparable stores decreased 6.6% compared to the same period in 2010.

Mr. Perisano further stated “Historically, the last few days before Halloween are our strongest sales dates of the year. There is no question that this storm arrived at the worst possible time of the year – on our busiest day. Its aftermath remains evident throughout the Northeast where it has affected millions of people. Despite the impact of the storm, we saw improvements in our temporary Halloween stores this season and we were pleased with the performance of our new e-commerce site. Finally, we are proud of the resilience and dedication shown by our store associates, who reacted swiftly and effectively to serve as many customers as possible in the face of a very difficult situation. We were knocked down by this storm, but by no means knocked out, as we now proceed to prepare our business for the holiday season and beyond.”

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