Party City finds new helium source to revive the deflated balloon business [MarketWatch]
Party City Holdco Inc. (PRTY)
Last party city holdco inc. earnings: 3/12 06:55 am
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Source: MarketWatch
Party City finds new helium source to revive the deflated balloon business If it seems like parties have been a little less festive lately, it might be because of a helium shortage that has grounded the balloon business. Party City Holdco Inc. PRTY, +10.88% shares soared nearly 11% in Thursday trading after the party goods retailer said it found a new helium source, in the hopes of giving deflated balloon sales a lift. The helium shortage created a 200-basis-point headwind for first-quarter results, according to James Harrison, chief executive of Party City. Wholesale sales of Mylar balloons were down about 8% due to the shortage, which is expected to be a headwind once again in the second quarter. Read: Tyson says it’s hard to tell when the pork business will benefit from African swine fever Now, Party City has found an alternative source for about 15% of its annual helium requirement, which should help shoppers get the party started. “This helium should allow us to return to n
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