Party goods retailer iParty Corp. today reported sales of $16.4 million for October, a 6.5 percent drop compared to total company sales for the same period last year, prompting the company to hire an investment bank to look into "a broad range of financial and strategic alternatives."
For the calendar year of 2012 through Oct. 31, total company sales were nearly $69 million, a 0.8 percent increase compared to the same period in 2011.
"For the second consecutive year, our Halloween business was impacted by severe storms hitting the Northeast, in both years striking two days before the Halloween holiday. The anticipation of Hurricane Sandy in our core markets disrupted normal business for several days prior to the storm's actual passage and closed most of our stores in our core market the day of the storm," said company CEO Sal Perisano. "In spite of the impact of the severe weather and a mid-week Halloween, we are trending ahead of last year through the first 10 months with comparable store sales increasing 1.3 percent compared to the same period last year."
The company said it has retained investment bank Raymond James & Associates to help iParty look into strategic alternatives.
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