03.04.10
Yankee Holding Corp. and The Yankee Candle Company, Inc. posted favorable financial results for the fourth quarter and full year ended Jan. 2, 2010.Sales for the company's continuing operations for the fourth quarter of 2009 jumped 7.5% to $274.2 million.
Sales in the company's wholesale business increased by 13.3% to $81.7 million versus the prior year fourth quarter. Retail sales rose 5.2% to $192.6 million.Retail comparable store sales, including the South Deerfield and Williamsburg flagship stores, increased by 0.6% versus the prior year fourth quarter.
"We were pleased to see positive momentum in the fourth quarter and the all important holiday season," said Harlan Kent, chief executive officer."We delivered positive comparable store sales in our retail division and saw solid sell through in our Wholesale channels.Together with our continued cost control and productivity initiatives, this performance allowed us to outperform our internal plan and to make significant payments toward our debt well ahead of schedule.While we remain cautious about the overall economic and consumer environment, and will therefore remain fiscally prudent in our planning, the fourth quarter results further indicate that the fundamentals of our business are sound and healthy."
For the fiscal year ended Jan. 2, 2010, retail sales increased 2.7% to $401.3 million. However, wholesale sales fell 6.3% to $279.8 million. According to the company, the decrease in wholesale sales was primarily driven by the loss of Linens 'N Things due to its 2008 bankruptcy, the weakened economic environment which has resulted in continued tight inventory management by wholesale customers and the absence this year of sales from the prior year related to the 2008 test with Pier 1. This decrease was partially offset by an increase in sales in our European operations and the full rollout of the Company's new Home Classics brand at Target.
Sales in the company's wholesale business increased by 13.3% to $81.7 million versus the prior year fourth quarter. Retail sales rose 5.2% to $192.6 million.Retail comparable store sales, including the South Deerfield and Williamsburg flagship stores, increased by 0.6% versus the prior year fourth quarter.
"We were pleased to see positive momentum in the fourth quarter and the all important holiday season," said Harlan Kent, chief executive officer."We delivered positive comparable store sales in our retail division and saw solid sell through in our Wholesale channels.Together with our continued cost control and productivity initiatives, this performance allowed us to outperform our internal plan and to make significant payments toward our debt well ahead of schedule.While we remain cautious about the overall economic and consumer environment, and will therefore remain fiscally prudent in our planning, the fourth quarter results further indicate that the fundamentals of our business are sound and healthy."
For the fiscal year ended Jan. 2, 2010, retail sales increased 2.7% to $401.3 million. However, wholesale sales fell 6.3% to $279.8 million. According to the company, the decrease in wholesale sales was primarily driven by the loss of Linens 'N Things due to its 2008 bankruptcy, the weakened economic environment which has resulted in continued tight inventory management by wholesale customers and the absence this year of sales from the prior year related to the 2008 test with Pier 1. This decrease was partially offset by an increase in sales in our European operations and the full rollout of the Company's new Home Classics brand at Target.