Yankee Candle Reports Higher Profit

The Yankee Candle Co., South Deerfield, MA, which makes and sells candles, on Wednesday said third-quarter earnings rose 34% as wholesale revenues jumped and it avoided discounting its products. The company, based in South Deerfield, Massachusetts, reported a profit of $11.3 million, or 21 cents per share, compared with $8.5 million, or 16 cents per share, a year ago.

Sales rose to $99 million from $84.9 million a year earlier. Looking ahead, the candlemaker said it sees retail sales growing 5-11% and wholesale sales up 11-12% in the fourth quarter. That is based on retail comparable store sales falling in the mid- to high- single digits, it said. It lowered its guidance for fourth-quarter earnings to a range of 70 cents to 74 cents per share from previous expectations of 74 cents to 75 cents per share.