Why Party City Stock Just Crashed 59%

Party supplies chain Party City Holdco (NYSE: PRTY) reported its third-quarter 2019 earnings this morning, and its stock is in free fall -- down an astonishing 59.4% as of 11:35 a.m. EST.  

As you can probably guess, the news wasn't good.

Heading into earnings, analysts had predicted Party City would report only a penny per share in adjusted (i.e., pro forma) profit on $551.1 million in sales but, in fact, the news was much worse. Sales came in a bit short at $540.2 million, while earnings, well, there weren't any.  

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Source Fool.com