Party City Announces Appointment of Todd Vogensen as Chief Financial Officer
January 09 2020 - 08:30AM
Party City Holdco Inc. (NYSE:PRTY) today announced that Todd
Vogensen has been appointed as Chief Financial Officer of Party
City Holdco Inc. (“PCHI”), effective February 3, 2020.
Mr. Vogensen brings nearly three decades of
financial management expertise to the executive team, having played
a pivotal role in strategically growing multiple U.S. public
consumer companies. In his new role at Party City Holdco Inc., Mr.
Vogensen will report directly to James M. Harrison, Chief Executive
Officer of PCHI, and will oversee all aspects of finance, business
development and investor relations while helping to develop and
execute the Company's multi-channel growth strategy.
“We are incredibly pleased to welcome Todd to the leadership
team and believe his background and knowledge will make him a
strong addition to the Company,” said James Harrison, Chief
Executive Officer, Party City Holdco Inc. “Todd has extensive
experience across the finance organizations of leading consumer
companies, and we look forward to benefitting from his expertise as
we focus on improving our business to drive long-term sustainable
growth.”
From June 2014 to January 2020, Mr. Vogensen served as the
Executive Vice President and Chief Financial Officer of Chico’s FAS
(NYSE: CHS), where he also held various roles of increasing
responsibility beginning in 2009. Prior to joining Chico’s, Todd
spent over four years with Michaels Stores from 2005 to 2009 as
Corporate Controller, Vice President of FP&A, and Vice
President of Merchandising Finance. He previously held finance
management positions at Gap, Inc. and Hewlett Packard Company.
Mr. Vogensen added, “I am excited to be joining the Party City
team as I’ve long admired their leadership position in the party
goods category and differentiated vertical model. I look forward to
working with the entire team to further enhance the Company’s
financial and operational performance.”
Ahead of its planned participation at the ICR Conference on
January 14th, 2020, the Company announced that preliminary brand
comparable sales results for the fiscal year ended December 31,
2019 are expected to be down 3.0%.
James M. Harrison, Chief Executive Officer, stated, “Our
preliminary fiscal 2019 brand comparable sales are at the low end
of our outlook. While disappointed with our full year brand
comparable sales result, we are encouraged by the initial bounce
back we’ve continued to see in our helium related categories at
retail given our ~100% in-stock position. As we look ahead, we
continue to focus on returning the business to positive comparable
sales growth through improved in-store initiatives and an enhanced
e-commerce platform as we leverage our differentiated vertical
model.”
Given the timing of today’s announcement, the
Company is announcing preliminary brand comparable sales for fiscal
2019 while the Company completes normal year-end closing and
accounting procedures. The Company expects to release financial and
operating results for its fourth quarter and full year ended
December 31, 2019 on March 12, 2020.As previously announced, the
Company will be participating in the ICR Conference, held at the JW
Marriott Orlando Grande Lakes in Orlando, Florida. The Company is
scheduled to host a fireside chat on Tuesday, January 14, 2020, at
9:30 a.m. Eastern Time. A live audio webcast of the Company’s
fireside chat will be available online at investor.partycity.com.
Participants should log in approximately 10 minutes prior to the
start of the presentation. A replay will also be
available. About Party CityParty City
Holdco Inc. is the leading party goods company by revenue in North
America and, we believe, the largest vertically integrated supplier
of decorated party goods globally by revenue. The Company is a
popular one-stop shopping destination for party supplies, balloons,
and costumes. In addition to being a great retail brand, the
Company is a global, world-class organization that combines
state-of-the-art manufacturing and sourcing operations, and
sophisticated wholesale operations complemented by a multi-channel
retailing strategy and e-commerce retail operations. The Company is
the leading player in its category, vertically integrated and
unique in its breadth and depth. Party City Holdco designs,
manufactures, sources and distributes party goods, including paper
and plastic tableware, metallic and latex balloons, Halloween and
other costumes, accessories, novelties, gifts and stationery
throughout the world. The Company’s retail operations include
approximately 850 specialty retail party supply stores (including
franchise stores) throughout the United States and Mexico operating
under the names Party City and Halloween City, and e-commerce
websites, through the domain name PartyCity.com and others.
Forward-Looking Statements This
press release contains forward-looking statements made pursuant to
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements give current
expectations or forecasts of future events or our future financial
or operating performance, and include Party City’s expectations
regarding brand comparable sales results for the fiscal year ended
December 31, 2019. The forward-looking statements contained in this
press release are based on management's good-faith belief and
reasonable judgment based on current information, and these
statements are qualified by important risks and uncertainties, many
of which are beyond our control, that could cause our actual
results to differ materially from those forecasted or indicated by
such forward-looking statements. These risks and uncertainties
include: our ability to compete effectively in a competitive
industry; fluctuations in commodity prices; our ability to
appropriately respond to changing merchandise trends and consumer
preferences; successful implementation of our store growth
strategy; decreases in our Halloween sales; the impact of helium
shortages on our financial performance; disruption to the
transportation system or increases in transportation costs; product
recalls or product liability; economic slowdown affecting consumer
spending and general economic conditions; loss or actions of third
party vendors and loss of the right to use licensed material;
disruptions at our manufacturing facilities; and the additional
risks and uncertainties set forth in “Risk Factors” in Party City’s
Annual Report on Form 10-K for the year ended December 31, 2018 and
in subsequent reports filed with or furnished to the Securities and
Exchange Commission. Although we believe that the expectations
reflected in the forward-looking statements are reasonable, we
cannot guarantee future events, outlook, guidance, results,
actions, levels of activity, performance or achievements. Readers
are cautioned not to place undue reliance on these forward-looking
statements. Except as may be required by any applicable laws, Party
City assumes no obligation to publicly update or revise such
forward-looking statements, which are made as of the date hereof or
the earlier date specified herein, whether as a result of new
information, future developments or otherwise.
ContactsInvestor Relations ICR Farah Soi and
Rachel Schacter 203-682-8200 InvestorRelations@partycity.com
Media Relations ICR Sara Davis 203-682-8200
PartyCityPR@icrinc.com
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