IParty Corp Reports Financial Results For First Quarter 2012
iParty Corp. (NYSE Amex: IPT - news), a leading party goods retailer, today reported financial results for its first quarter of fiscal year 2012, which ended on March 31, 2012.
First Quarter 2012 Highlights
- Comparable store sales increase for the first quarter of 2012 of 8.6%.
- Consolidated revenues of $15.8 million for the first quarter of 2012, a 4.4% increase compared to the first quarter of 2011.
- Reopening of flood damaged store in West Lebanon, New Hampshire.
- Net loss of $1.2 million for the first quarter of 2012, compared to a net loss of $1.5 million for the first quarter of 2011.
Sal Perisano, iParty’s Chairman and Chief Executive Officer, stated, “The first quarter of 2012 was a strong one for iParty with significantly improved same store sales. Good weather, two regional teams in the Super Bowl, a Saturday St Patrick’s Day and an early Easter contributed to a comparable store sales increase of 8.6%, despite not having the benefit of a sales run up for New Year’s Eve that occurred in the first quarter of 2011. The net result of our strong sales performance this quarter, along with effective expense control, was the improvement of our net loss for the first quarter by approximately $300 thousand compared to last year’s net loss.”
Mr. Perisano further stated, “With regard to our more recent store additions, our Boston stores on Boylston Street and in South Bay and our new store in Manchester, Connecticut are seeing very strong comparative sales. The sales performance of these new stores is exceeding our expectations and we believe that they will deliver an enhanced profit contribution for 2012. Also, we expanded our e-commerce offering in the first quarter beyond Halloween and related merchandise and continue to see improved e-commerce sales. Consistent with our plan and on the strength of our first quarter, we are actively exploring new locations to add to our base this year.”
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