Yankee Candle Posts Strong Results

The Yankee Candle Company, Inc. the leading designer, manufacturer, wholesaler and retailer of premium scented candles, today announced sales for the second quarter were $57.3 million, a 39% increase over the prior year quarter. Net income for the fiscal 2000 second quarter increased 136% to $3.0 million. Yankee opened 15 new retail stores during the fiscal 2000 second quarter, ending the quarter with 131 stores in 32 states.

“We are pleased with the continued strong performance of both our wholesale and retail businesses,” said Michael D. Parry, Yankee’s president and chief executive officer. “The financial results speak to the strength and differentiation of the Yankee brand, to our vertical integration and to customer service. Our wholesale operations team delivered a 23% sales increase on top of a 50% increase in the second quarter of 1999. And, our retail operations team delivered a 62% sales increase, the strongest percentage increase for any quarter in recent history. Given the strong demand for our products and the successful execution of our retail expansion, we will open 5 additional stores this year; bringing the total to 45 new store openings.”

Total sales for the first six months of 2000 were $119.9 million, a 36% increase over the first six months of 1999. Wholesale sales, including European operations, were $68.6 million, a 26% increase over the first six months of 1999. Retail sales were $51.3 million, a 53% increase over the first six months of 1999. Comparable store sales in the 75 stores that have been open more than one year and mailorder hub increased 17% for the first six months of 2000. Retail comparable store sales increased 14% for the six month period.

For the six months net income increased 89% to $8.8 million.