Yankee Candle Reports Double-Digit Gains in Q2
• Yankee Holding Corp. and The Yankee Candle Company, Inc. posted financial results for the second quarter ended June 30, 2012.Sales increase 11.9% to $145.3 million. Retail sales also rose 11.9% to $81.8 million, while sales in the company’s wholesale segment increased 6.3% to $40.5 million.
“We are pleased with the strong sales and adjusted EBITDA growth we were able to deliver in the second quarter,” said Harlan Kent, chief executive officer of Yankee Candle.“We continue to see momentum in our businesses as a result of the investments we have been making in talent, systems and brand building, and will look to further leverage these investments as we move forward while continuing to focus on productivity and cash optimization strategies.”
For the six months ended June 30, 2012, retail sales increased 10.1% to $162.8 million, driven primarily by sales in new stores opened after the second quarter of 2011, increased sales in the consumer direct division, increased comparable store sales, and increased sales in the fundraising division.
“As we head into the much larger second half of the year, we are mindful that the macro environment remains very challenging and uncertain,” said Kent. “We expect a cautious consumer, and early indications are that our wholesale customers will be managing their open-to-buy dollars very tightly.Against this backdrop, we will need to remain focused on flawless execution, continue to drive operating efficiencies and productivity, and further leverage the investments we have made in our growth platforms.We believe we are well positioned for the second half, but will be prudent in our planning given the macro economic headwinds.”
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