Party City (PRTY) Stock Sheds a Quarter of Its Value Following Earnings Miss
NEW YORK (TheStreet) -- Party City (PRTY) - Get Report shares are down by 24.66% to $11.21 on heavy volume in early morning trading on Friday, following the release of the company's third quarter financial results on Thursday.
The Elmsford, NY-based party supplies retailer reported a third quarter net loss of $44.5 million, which when adjusted for non-recurring costs came to earnings of 10 cents per share.
Analysts on average were expecting the company to report earnings of 12 cents per share.
Revenue of $555.4 million also fell short of analysts' $570.4 million guidance.
For the year, the company forecast earnings between 99 cents and $1.04 per share on revenue between $2.27 billion and $2.32 billion.
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