Helium is the second-most abundant element in the galaxy, yet Party City is struggling to find enough of the gas to fill balloons.
Balloons are big business for Party City . The company's mylar balloon sales fell 8% last quarter, dragging overall sales down 1.4% at Party City stores open at least a year. Sales would have risen if not for the Party City's balloon problems, the company said Thursday.Filling balloons with helium is among the company's most profitable services, according to Barclays' Matt McClintock.
Good and bad news for Party CityThe good news for Party City is it signed an agreement with a new helium supplier. Party City believes the new supplier can help it return its balloon business back to normal starting in the summer, and it hopes the supplies will last for the next two-and-a-half years."We believe this new source should substantially eliminate the shortfall we are experiencing," said Party City CEO James Harrison in a statement.
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