New CEO, Financial Report at Yankee Candle

Yankee Candle is hoping that 2009 will add a spark to the home fragrance business.

The company appointed current president and chief operating officer Harlan M. Kent as president and chief executive officer (CEO), effective Oct. 1, 2009. Mr. Kent will succeed Craig W. Rydin, who will continue to serve as chairman and CEO through Oct. 1 and will then serve as executive chairman of the board of the company through Oct. 1, 2010 and as a non-executive chairman thereafter.

Mr. Kent joined Yankee Candle in June 2001 as senior vice president, wholesale. He was promoted to president in July 2004 and was promoted to his current position of president and chief operating officer in December 2005. Prior to joining Yankee Candle, Mr. Kent was senior vice president and general manager of the wholesale division of Totes Isotoner Corporation from 1997 to 2001, and vice president of global sales and marketing for the Winchester Division of Olin Corporation from 1995 to 1997.

In addition to the transition of Mr. Kent to CEO, Yankee Candle also announced that Bruce L. Hartman, the current senior vice president, finance and chief financial officer of the company, has been promoted to the position of executive vice president, chief administrative officer and chief financial officer.

The Yankee Candle Company, Inc. also posted its financial results for the fourth quarter and full year ended Jan. 3, 2009.

Total revenue for the fourth quarter was $264.3 million, a 7.2% decrease from the prior year fourth quarter. According to the company, the decrease in revenue was a result of the deteriorating economic environment, a decrease in sales in its Home Specialty Channel within its Domestic Wholesale business, driven by the bankruptcy of Linens-N-Things and to a lesser extent a decrease in retail comparable store sales of 9.4%.

Retail sales were $190.7 million, an increase of 0.8% from 2007. Wholesale sales dropped 22.9% to $73.6 million.

As part of the restructuring that was previously announced on January 20, 2009, the company recorded a $12.4 million charge in the fourth quarter of 2008.

Total revenue for the 2008 fiscal year dropped 3.1% to $713.7 million. Retail sales rose 0.6% to $410.3 million. Wholesale sales slipped 7.8% to $303.5 million.