Here's Why Party City (PRTY) Stock Got Slammed Today

Party City (PRTY) shares tumbled on Wednesday ahead of the company's 2016 first quarter results set to be released on Thursday before the market open.

Author:: U-Jin Lee
Publish date:: May 11, 2016 4:48 PM EDT

NEW YORK (TheStreet) -- Party City (PRTY) - Get Report shares tumbled by 9.37% to $13.15 on Wednesday, ahead of the company's 2016 first quarter results, which are set to be released on Thursday before the market open.

Both profit and revenue are expected to drop significantly quarter-over-quarter.

For the recent period, Wall Street is looking for earnings of 3 cents a share on revenue of $471.71 million.

The previous quarter, the company earned 72 cents a share on revenue of $782 million.

When Party City released its 2015 fourth quarter results in March, it warned that sales may slow this year. However, it has been working on growing its footprint globally.

For the current quarter, analysts will be focusing on the company's progress so far and its comparable store sales, a key metric of its performance.

The Elmsford, NY based party-supply retailer, which operates about 900 stores across North America, went public last April.