Sales: $713 million
Sales: $713 million. Net loss: $409.3 million, for the year ended Jan. 3, 2009.
Key Personnel: Craig W. Rydin, chairman and chief executive officer; Harlan Kent, president and chief operating officer; Bruce L. Hartman, executive vice president, chief administrative officer and chief financial officer; Stephen Farley, senior vice president, retail; Paul J. Hill, senior vice president, supply chain; Martha S. LaCroix, senior vice president, human resources; James A. Perley, senior vice president, general counsel; Richard R. Ruffolo, senior vice president, marketing and innovation; Michael Thorne, senior vice president, wholesale.
Major Products: Candles and related products marketed under such brand names as Housewarmer, Home Classics, YC, Stripes and Country Kitchen.
New Products: Fall 2009 home fragrance collection.
Comments: Sales fell 3.1% last year. Retail sales rose 0.6% to $410 million due to a 53-week, rather than a 52-week reporting period. Comparing similar 52 week periods, total retail sales decreased by 1.7%.Wholesale sales fell 7.8% to $303.5 million, but wholesale revenues would have been off 9% if not for the extra week. The company incurred a net loss of $409 million last year.
Later in January, the company announced a restructuring plan that will close 28 Illuminations retail stores and shutter the Illuminations consumer direct business. The company acquired the Illuminations business in July 2006. The Illuminations retail stores are located primarily on the West Coast.
“Decisions like these which affect our employees are very difficult ones,” said Craig Rydin, chairman and chief executive officer of Yankee Candle. “But given this unprecedented macro-economic environment, particularly in the retail sector, we believe that this restructuring plan is necessary and appropriate as part of our ongoing efforts to reduce our cost structure, focus our resources primarily on our core Yankee Candle business, optimize our return on invested capital and increase our overall operating efficiency.”
For the first quarter ended April 4, 2009, sales fell 10.8% to $125.7 million. Net losses rose 45% to $11.5 million.
On Oct. 1, Harlan M. Kent, currently the president and chief operating officer of Yankee, will become president and chief executive officer. He will succeed Craig W. Rydin, who will serve as executive chairman through Oct. 1, 2010 and as a non-executive chairman thereafter.