Yankee Candle Reports Improved Fourth Quarter
By Staff -- Gifts and Dec, 3/4/2010 11:07:00 AM
South Deerfield, MA – The Yankee Candle Co.’s sales for continuing operations for the fourth quarter of 2009 were $274.2 million, a 7.5 percent increase from the prior year quarter. 2009’s Q4 was a week shorter than 2008’s; comparing similar periods shows sales increased by 11.8 percent.
Showing a particularly strong recovery were sales in the company's wholesale business, which increased by 13.3 percent. While retail sales increased 5.2 percent, comparable store sales increased by only 0.6 percent. However this does not necessarily reflect improvement in the gift business: according to the company, the wholesale increase was driven primarily by an increase in sales in European operations and the full rollout of the company's new Home Classics brand at Target, offset in part by lower sales to existing wholesale accounts, particularly in the gift channel.
Net income was even more dramatic, with $41.1 million, compared to a net loss of $398.9 million for the fourth quarter of 2008. However the net loss for the fourth quarter of 2008 included an impairment charge of $452.4 million. Excluding the impact of the impairment charge, income from continuing operations was $41.2 million for the fourth quarter of 2009 compared to income from continuing operations of $37.7 in the prior year fourth quarter.
For the 2009 fiscal year, retail sales saw a 2.7 percent increase, and comparable store sales decreased by 3.2 percent. Wholesale sales decreased 6.3 percent from fiscal 2008, primarily driven by the loss of Linens 'N Things due to its 2008 bankruptcy, the economic environment and the absence of the 2008 test with Pier 1.
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