iParty Corp. Reports Q1 Results, 20% Same Store
Sales Increase
WEST ROXBURY, Mass.--(BUSINESS WIRE)--April 30, 2002--iParty Corp. (AMEX: IPT - news), the nation's premier multi-channel retailer for party goods with 34 iParty retail stores and iParty.com, a destination site for party goods and party planning, today reported financial results for its first quarter of 2002.
For the quarter, iParty Corp. reported consolidated revenues of $10.6 million from the Company's retail stores and its website, www.iparty.com compared to $8.9 million for the first quarter of 2001. The Company reported a consolidated net loss of $943,000 or $0.06 per share compared to a consolidated net loss of $1.7 million or $0.13 per share for the first quarter of 2001. Consolidated gross profit margin for the quarter was 37.2% compared to a margin of 35.9% for the first quarter of 2001. The number of common shares outstanding at March 30, 2002 was 15,796,700.
Sal Perisano, Chief Executive Officer of iParty Corp., commented, "We are very pleased with our top and bottom line results for the quarter. Our 19.5% same store sales increase was driven primarily by the appearance of the New England Patriots in the Super Bowl, an early Easter and better store execution. As a result of the increase in sales over last year and through continued expense control and margin enhancement, we were able to improve our bottom line by 44%."
"We also opened a new store in Boston in mid-March which is already exceeding our expectations. In addition to the second store that is scheduled to open in the third quarter, we are already identifying sites and negotiating leases for several new stores to open in 2003. Our first quarter results leave us quite optimistic for our overall performance in 2002."
Be nice to move UP on this news......damn it
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