Yankee Cdle (NYSE:YCC)
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The Yankee Candle Company, Inc. (“Yankee”
or the “Company”;
NYSE:YCC) today announced financial results for the third quarter ended
September 30, 2006. Total sales for the third quarter were $159.6
million, a 16.9% increase over the year ago quarter. Earnings per common
share on a diluted basis were $0.37 as compared to $0.35 for the
comparable period last year, and compares to analyst consensus of $0.27.
“I am very pleased with our third quarter 2006
results,” commented Craig Rydin, Chairman and
Chief Executive Officer. “Total revenue and
earnings exceeded our original outlook for the quarter. Both of our
divisions produced strong results, with Retail delivering another
exceptional comparable store sales performance while Wholesale sales
also exceeded our expectations. Our results speak to our employees’
hard work, seamless execution and engagement, and I would like to take
this opportunity to thank them for their hard work.”
Third Quarter Highlights:
Retail sales including Illuminations were $72.1 million, a 24.6%
increase over the fiscal 2005 third quarter. Comparable sales in the
349 retail stores including the South Deerfield flagship store that
have been open for more than one year (and excluding any Illuminations
stores) increased 8%. Comparable sales in the 348 retail stores
excluding the South Deerfield flagship store (and excluding any
Illuminations stores) increased 9%. Consumer Direct increased 30% over
the fiscal 2005 third quarter. Including Consumer Direct, total retail
comparable sales increased 10%.
Wholesale sales were $87.5 million in the third quarter, an increase
of 11.3% over the year ago quarter.
Gross profit increased 13.8% to $86.6 million for the third quarter
versus the prior year quarter. As a percentage of sales, gross profit
decreased to 54.3% compared to 55.8% for the prior year quarter. The
year-over-year decline in gross profit rate resulted primarily from
increased promotional support in the wholesale segment and increased
supply chain costs in both retail and wholesale, primarily driven by
higher wax, freight and energy-related costs. These increased costs
were partially offset by the impact of the price increases initiated
in the fourth quarter of 2005 and September 2006.
Income from operations for the third quarter increased 8.5% to $28.9
million, from $26.7 million for the third quarter of 2005.
Nine Months Ended September 30, 2006
Highlights:
Retail sales were $192.8 million for the first nine months of 2006, a
20.8% increase over the first nine months of fiscal 2005. Comparable
sales in the 349 retail stores including the South Deerfield flagship
store that have been open for more than one year (and excluding any
Illuminations stores) increased 7%. Comparable sales in the 348 retail
stores excluding the South Deerfield flagship store (and excluding any
Illuminations stores) increased 7%. Consumer Direct increased 40% over
the first nine months of fiscal 2005. Including Consumer Direct, total
retail comparable sales increased 9%.
Wholesale sales were $216.9 million for the first nine months of
fiscal 2006, an increase of 6.0% over the first nine months of fiscal
2005.
Gross profit increased 9.3% to $221.7 million for the first nine
months of fiscal 2006 versus the prior year comparable period. As a
percentage of sales, gross profit decreased to 54.1% compared to 55.7%
for the prior year, driven primarily by increased promotional support
and increased supply chain costs driven by higher wax, freight, and
energy-related costs. These costs were partially offset by the price
increases initiated in the fourth quarter of 2005 and September 2006.
Income from operations for the first nine months of fiscal 2006
decreased 2.9% to $59.7 million, from $61.5 million for the
first nine months of fiscal 2005.
Craig Rydin continued, “Our Retail division
continues to deliver positive same store sales growth and had a strong
segment profit performance in the third quarter. In addition, Wholesale
sales recovered from a softer than expected second quarter and delivered
excellent revenue growth and strong overall results versus plan. We
successfully implemented a price increase at the beginning of September
which has helped to offset some of the wax, freight and energy-related
costs impacting our business. Finally, our Illuminations acquisition was
completed in late July, and we are pleased with its third quarter
performance.”
Forecast Highlights:
The Company is increasing its sales and EPS guidance for the fiscal full
year, which now includes the effect of the Illuminations acquisition.
This guidance does not contemplate any future share repurchases.
The Company anticipates the 2006 diluted EPS to be in a range of $2.01
per share to $2.05 per share, including the tax benefit of
approximately $0.05 per share in the first quarter of 2006. Excluding
this tax benefit, the Company projects 2006 diluted EPS of $1.96 to
$2.00, which compares to fiscal 2005 diluted EPS of $1.73. Total sales
growth for the full year 2006 is expected to be in a range of
approximately 10% to 12% over prior year.
Mr. Rydin concluded, “Heading into the
important fourth quarter, we continue to feel upbeat about the strength
of our brand and our sustained retail performance, and the retail profit
conversion rate in the fourth quarter is quite strong compared to
earlier quarters. We also believe Wholesale is well-positioned for a
positive fourth quarter performance. Additionally, we should continue to
benefit from our September price increase, particularly on top of the
increase last November.”
Earnings Conference Call:
The Company will host a conference call to be broadcast via the Internet
at 1:00 p.m. (EDT) this afternoon to more fully discuss fiscal 2006
third quarter results and outlook. This call is being webcast by CCBN
and can be accessed at The Yankee Candle Company's web site at www.yankeecandle.com.
Click on the “About Us”
link, and then select the “Investor
Information” link. Enter your registration
information ten minutes prior to the start of the conference.
About Yankee Candle
The Yankee Candle Company, Inc. is the leading designer, manufacturer,
wholesaler and retailer of premium scented candles, based on sales, in
the giftware industry. Yankee has a 36-year history of offering
distinctive products and marketing them as affordable luxuries and
consumable gifts. The Company sells its products through a North
American wholesale customer network of approximately 17,454 store
locations, a growing base of Company owned and operated retail stores
(409 located in 42 states as of September 30, 2006, including 15
Illuminations stores), direct mail catalogs, its Internet website (www.yankeecandle.com),
international distributors and to a European wholesale customer network
of approximately 2,428 store locations (through its distribution center
located in Bristol, England).
This press release contains certain information constituting “forward-looking
statements” for purposes of the safe harbor
provisions of The Private Securities Litigation Reform Act of 1995.
Forward-looking statements include but are not limited to the statements
contained herein with respect to management’s
current estimates of the Company’s financial
and operating results for Fiscal 2006, and the fourth quarter thereof,
management’s current expectations regarding
its plan to operate the recently acquired Illuminations business and any
impact thereof on the Company’s financial and
operating results, the growth initiatives and specific actions discussed
above and their impact on the Company’s
future operating results, and any other statements concerning the Company’s
or management’s plans, objectives, goals,
strategies, expectations, estimates, beliefs or projections, or any
other statements concerning future performance or events. Actual results
could differ materially from those indicated by these forward-looking
statements as a result of various risks and uncertainties, including but
not limited to the following: the current economic conditions in the
United States as a whole and the continuing weakness in the retail
environment; the risk that we will be unable to maintain our historical
growth rate; the effects of competition from others in the highly
competitive giftware industry; our ability to anticipate and react to
industry trends and changes in consumer demand; our dependence upon our
senior executive officers; the risk of loss of our manufacturing and
distribution facilities; the impact on our stock price of seasonal,
quarterly and other fluctuations in our business; the risk of any
disruption in wax supplies; and other factors described or contained in
the Company’s most recent Quarterly Report on
Form 10-Q or Annual Report on Form 10-K on file with the Securities and
Exchange Commission. Any forward-looking statements represent our views
only as of today and should not be relied upon as representing our views
as of any subsequent date. While we may elect to update certain
forward-looking statements at some point in the future, we specifically
disclaim any obligation to do so even if experience or future events may
cause the views contained in any forward-looking statements to change.
The Yankee Candle Company, Inc. and Subsidiaries
Consolidated Statements of Operations
(in thousands, except per share data)
(Unaudited)
Thirty Nine
Thirty Nine
Thirteen Weeks
Thirteen Weeks
Weeks
Weeks
Ended
Ended
Ended
Ended
Sept 30, 2006
Oct 1, 2005
Sept 30, 2006
Oct 1, 2005
Sales:
Retail
$
72,127
45.19%
$
57,878
42.40%
$
192,832
47.06%
$
159,586
43.81%
Wholesale
87,477
54.81%
78,622
57.60%
216,936
52.94%
204,717
56.19%
Total sales
159,604
100.00%
136,500
100.00%
409,768
100.00%
364,303
100.00%
Cost of sales
72,981
45.73%
60,368
44.23%
188,032
45.89%
161,485
44.33%
Gross profit
86,623
54.27%
76,132
55.77%
221,736
54.11%
202,818
55.67%
Retail
34,846
48.31%
(A)
30,268
52.30%
(A)
98,056
50.85%
(A)
86,499
54.20%
(A)
Wholesale
5,824
6.66%
(B)
4,499
5.72%
(B)
16,463
7.59%
(B)
12,883
6.29%
(B)
Total selling expenses
40,670
25.48%
34,767
25.47%
114,519
27.95%
99,382
27.28%
General & administrative expenses
17,015
10.66%
14,689
10.76%
47,534
11.60%
41,964
11.52%
Income from operations
28,938
18.13%
26,676
19.54%
59,683
14.57%
61,472
16.87%
Interest (income)
(7)
0.00%
(5)
0.00%
(20)
0.00%
(17)
0.00%
Interest expense
4,682
2.93%
2,347
1.72%
11,211
2.74%
4,809
1.32%
Other (income) expense
(165)
-0.10%
(897)
-0.66%
(459)
-0.11%
(200)
-0.05%
Income before provision for income taxes
24,428
15.31%
25,231
18.48%
48,951
11.95%
56,880
15.61%
Provision for income taxes
9,527
5.97%
9,840
7.21%
16,753
4.09%
22,183
6.09%
Net income
$
14,901
9.34%
$
15,391
11.28%
$
32,198
7.86%
$
34,697
9.52%
Basic earnings per share
$
0.37
$
0.35
$
0.80
$
0.77
Diluted earnings per share
$
0.37
$
0.35
$
0.79
$
0.76
Weighted avg. basic shares outstanding
39,784
43,787
40,405
45,237
Weighted avg. diluted shares outstanding
40,085
44,223
40,737
45,709
Basic EPS before Q1 Tax Adjustment
0.74
Diluted EPS before Q1 Tax Adjustment
0.73
(A) Retail selling expenses as a percentage of retail sales.
(B) Wholesale selling expenses as a percentage of wholesale sales.
The Yankee Candle Company, Inc. And Subsidiaries
Condensed Consolidated Balance Sheets
(in thousands)
ASSETS
September 30,
December 31,
2006
2005
(unaudited)
Current Assets:
Cash and cash equivalents
$ 9,756
$ 12,655
Accounts receivable, net
67,366
42,546
Inventory
87,404
55,528
Prepaid expenses and other current assets
12,383
9,060
Deferred tax assets
5,704
6,734
Total Current Assets
182,613
126,523
Property, Plant And Equipment, net
136,859
139,089
Marketable Securities
2,194
2,223
Deferred Financing Costs
707
593
Deferred Tax Assets
69,515
73,975
Other Assets
30,560
12,731
Total Assets
$ 422,448
$ 355,134
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable
$ 20,320
$ 21,068
Accrued payroll
12,928
14,319
Accrued income taxes
4,070
20,828
Other accrued liabilities
19,903
34,326
Short-term debt
40,000
-
Total Current Liabilities
97,221
90,541
Deferred Compensation Obligation
2,330
2,418
Long-Term Debt
241,000
178,000
Deferred Rent
16,688
16,031
Stockholders’ Equity
65,209
68,144
Total Liabilities And Stockholders’ Equity
$ 422,448
$ 355,134
The Yankee Candle Company, Inc.
October 25, 2006 Earnings Release
Supplemental Data
Quarter
Year to Date
Total
YCC Retail Stores
9
18
394
Illuminations Retail Stores
15
15
15
Total Retail Stores
24
33
409
Wholesale Customer Locations - North America
204
1,070
17,454
Wholesale Customer Locations - Europe
88
228
2,428
Square Footage - Gross
41,841
52,930
826,362
Square Footage - Selling
28,787
37,903
642,432
Total Company Comp Sales Change %
4%
1%
Wholesale Comp Sales Change % (5)
-1%
-6%
Retail Comp Store Sales Change % (6)
8%
7%
Retail Comp Store Count (6)
349
-
349
Retail Comp Store Sales Change %, excl. S.Deerfield (6)
9%
7%
Retail Comp Store & Hub Sales Change % (6)
10%
9%
Sales per Square Foot (1)
-
$579
Store Count
-
351
Average store square footage, gross (2)
-
2,020
Average store square footage, selling (2)
-
1,571
Gross Profit (3)
Retail $
$47,782
$125,419
Retail %
66.3%
65.0%
Wholesale $
$38,841
$96,317
Wholesale %
44.4%
44.4%
Segment Profit (3)
Retail $
$12,936
$27,363
Retail %
17.9%
14.2%
Wholesale $
$33,017
$79,854
Wholesale %
37.7%
36.8%
Depreciation & Amortization (3)
$6,672
$19,652
Inventory per Store
$41,000
-
Inventory Turns
3.7
4.1
(4)
Capital Expenditures (3)
$6,976
$19,410
Shares Outstanding
39,899,962
-
Weighted avg diluted shares in EPS calculation
40,085,000
40,737,000
(1) Trailing 12 months, stores open for
full 12 months, excluding S. Deerfield Flagship Store.
(2) Excludes S. Deerfield and Williamsburg,
VA Flagship stores. Includes Illuminations stores.
(3) Dollars in thousands.
(4) Rolling four quarters.
(5) Excluding our Costco account, Wholesale
comp sales change would be 4% for the quarter and -3% year to date.
(6) Acquired stores will be included in the
comparable store sales calculation beginning with the first full
quarter following the first anniversary of the date of the
acquisition.
The Yankee Candle Company, Inc. ("Yankee" or the "Company";
NYSE:YCC) today announced financial results for the third quarter
ended September 30, 2006. Total sales for the third quarter were
$159.6 million, a 16.9% increase over the year ago quarter. Earnings
per common share on a diluted basis were $0.37 as compared to $0.35
for the comparable period last year, and compares to analyst consensus
of $0.27.
"I am very pleased with our third quarter 2006 results," commented
Craig Rydin, Chairman and Chief Executive Officer. "Total revenue and
earnings exceeded our original outlook for the quarter. Both of our
divisions produced strong results, with Retail delivering another
exceptional comparable store sales performance while Wholesale sales
also exceeded our expectations. Our results speak to our employees'
hard work, seamless execution and engagement, and I would like to take
this opportunity to thank them for their hard work."
Third Quarter Highlights:
-- Retail sales including Illuminations were $72.1 million, a
24.6% increase over the fiscal 2005 third quarter. Comparable
sales in the 349 retail stores including the South Deerfield
flagship store that have been open for more than one year (and
excluding any Illuminations stores) increased 8%. Comparable
sales in the 348 retail stores excluding the South Deerfield
flagship store (and excluding any Illuminations stores)
increased 9%. Consumer Direct increased 30% over the fiscal
2005 third quarter. Including Consumer Direct, total retail
comparable sales increased 10%.
-- Wholesale sales were $87.5 million in the third quarter, an
increase of 11.3% over the year ago quarter.
-- Gross profit increased 13.8% to $86.6 million for the third
quarter versus the prior year quarter. As a percentage of
sales, gross profit decreased to 54.3% compared to 55.8% for
the prior year quarter. The year-over-year decline in gross
profit rate resulted primarily from increased promotional
support in the wholesale segment and increased supply chain
costs in both retail and wholesale, primarily driven by higher
wax, freight and energy-related costs. These increased costs
were partially offset by the impact of the price increases
initiated in the fourth quarter of 2005 and September 2006.
-- Income from operations for the third quarter increased 8.5% to
$28.9 million, from $26.7 million for the third quarter of
2005.
Nine Months Ended September 30, 2006 Highlights:
-- Retail sales were $192.8 million for the first nine months of
2006, a 20.8% increase over the first nine months of fiscal
2005. Comparable sales in the 349 retail stores including the
South Deerfield flagship store that have been open for more
than one year (and excluding any Illuminations stores)
increased 7%. Comparable sales in the 348 retail stores
excluding the South Deerfield flagship store (and excluding
any Illuminations stores) increased 7%. Consumer Direct
increased 40% over the first nine months of fiscal 2005.
Including Consumer Direct, total retail comparable sales
increased 9%.
-- Wholesale sales were $216.9 million for the first nine months
of fiscal 2006, an increase of 6.0% over the first nine months
of fiscal 2005.
-- Gross profit increased 9.3% to $221.7 million for the first
nine months of fiscal 2006 versus the prior year comparable
period. As a percentage of sales, gross profit decreased to
54.1% compared to 55.7% for the prior year, driven primarily
by increased promotional support and increased supply chain
costs driven by higher wax, freight, and energy-related costs.
These costs were partially offset by the price increases
initiated in the fourth quarter of 2005 and September 2006.
-- Income from operations for the first nine months of fiscal
2006 decreased 2.9% to $59.7 million, from $61.5 million for
the first nine months of fiscal 2005.
Craig Rydin continued, "Our Retail division continues to deliver
positive same store sales growth and had a strong segment profit
performance in the third quarter. In addition, Wholesale sales
recovered from a softer than expected second quarter and delivered
excellent revenue growth and strong overall results versus plan. We
successfully implemented a price increase at the beginning of
September which has helped to offset some of the wax, freight and
energy-related costs impacting our business. Finally, our
Illuminations acquisition was completed in late July, and we are
pleased with its third quarter performance."
Forecast Highlights:
The Company is increasing its sales and EPS guidance for the
fiscal full year, which now includes the effect of the Illuminations
acquisition. This guidance does not contemplate any future share
repurchases.
-- The Company anticipates the 2006 diluted EPS to be in a range
of $2.01 per share to $2.05 per share, including the tax
benefit of approximately $0.05 per share in the first quarter
of 2006. Excluding this tax benefit, the Company projects 2006
diluted EPS of $1.96 to $2.00, which compares to fiscal 2005
diluted EPS of $1.73. Total sales growth for the full year
2006 is expected to be in a range of approximately 10% to 12%
over prior year.
Mr. Rydin concluded, "Heading into the important fourth quarter,
we continue to feel upbeat about the strength of our brand and our
sustained retail performance, and the retail profit conversion rate in
the fourth quarter is quite strong compared to earlier quarters. We
also believe Wholesale is well-positioned for a positive fourth
quarter performance. Additionally, we should continue to benefit from
our September price increase, particularly on top of the increase last
November."
Earnings Conference Call:
The Company will host a conference call to be broadcast via the
Internet at 1:00 p.m. (EDT) this afternoon to more fully discuss
fiscal 2006 third quarter results and outlook. This call is being
webcast by CCBN and can be accessed at The Yankee Candle Company's web
site at www.yankeecandle.com. Click on the "About Us" link, and then
select the "Investor Information" link. Enter your registration
information ten minutes prior to the start of the conference.
About Yankee Candle
The Yankee Candle Company, Inc. is the leading designer,
manufacturer, wholesaler and retailer of premium scented candles,
based on sales, in the giftware industry. Yankee has a 36-year history
of offering distinctive products and marketing them as affordable
luxuries and consumable gifts. The Company sells its products through
a North American wholesale customer network of approximately 17,454
store locations, a growing base of Company owned and operated retail
stores (409 located in 42 states as of September 30, 2006, including
15 Illuminations stores), direct mail catalogs, its Internet website
(www.yankeecandle.com), international distributors and to a European
wholesale customer network of approximately 2,428 store locations
(through its distribution center located in Bristol, England).
This press release contains certain information constituting
"forward-looking statements" for purposes of the safe harbor
provisions of The Private Securities Litigation Reform Act of 1995.
Forward-looking statements include but are not limited to the
statements contained herein with respect to management's current
estimates of the Company's financial and operating results for Fiscal
2006, and the fourth quarter thereof, management's current
expectations regarding its plan to operate the recently acquired
Illuminations business and any impact thereof on the Company's
financial and operating results, the growth initiatives and specific
actions discussed above and their impact on the Company's future
operating results, and any other statements concerning the Company's
or management's plans, objectives, goals, strategies, expectations,
estimates, beliefs or projections, or any other statements concerning
future performance or events. Actual results could differ materially
from those indicated by these forward-looking statements as a result
of various risks and uncertainties, including but not limited to the
following: the current economic conditions in the United States as a
whole and the continuing weakness in the retail environment; the risk
that we will be unable to maintain our historical growth rate; the
effects of competition from others in the highly competitive giftware
industry; our ability to anticipate and react to industry trends and
changes in consumer demand; our dependence upon our senior executive
officers; the risk of loss of our manufacturing and distribution
facilities; the impact on our stock price of seasonal, quarterly and
other fluctuations in our business; the risk of any disruption in wax
supplies; and other factors described or contained in the Company's
most recent Quarterly Report on Form 10-Q or Annual Report on Form
10-K on file with the Securities and Exchange Commission. Any
forward-looking statements represent our views only as of today and
should not be relied upon as representing our views as of any
subsequent date. While we may elect to update certain forward-looking
statements at some point in the future, we specifically disclaim any
obligation to do so even if experience or future events may cause the
views contained in any forward-looking statements to change.
-0-
*T
The Yankee Candle Company, Inc. and Subsidiaries
Consolidated Statements of Operations
(in thousands, except per share data)
(Unaudited)
Thirteen Weeks Thirteen Weeks
Ended Ended
Sept 30, 2006 Oct 1, 2005
----------------- -----------------
Sales:
Retail $ 72,127 45.19% $ 57,878 42.40%
Wholesale 87,477 54.81% 78,622 57.60%
----------------- -----------------
Total sales 159,604 100.00% 136,500 100.00%
Cost of sales 72,981 45.73% 60,368 44.23%
----------------- -----------------
Gross profit 86,623 54.27% 76,132 55.77%
Retail 34,846 48.31%(A) 30,268 52.30%(A)
Wholesale 5,824 6.66%(B) 4,499 5.72%(B)
----------------- -----------------
Total selling expenses 40,670 25.48% 34,767 25.47%
General & administrative
expenses 17,015 10.66% 14,689 10.76%
----------------- -----------------
Income from operations 28,938 18.13% 26,676 19.54%
Interest (income) (7) 0.00% (5) 0.00%
Interest expense 4,682 2.93% 2,347 1.72%
Other (income) expense (165) -0.10% (897) -0.66%
----------------- -----------------
Income before provision for
income taxes 24,428 15.31% 25,231 18.48%
Provision for income taxes 9,527 5.97% 9,840 7.21%
----------------- -----------------
Net income $ 14,901 9.34% $ 15,391 11.28%
================= =================
Basic earnings per share $ 0.37 $ 0.35
========= =========
Diluted earnings per share $ 0.37 $ 0.35
========= =========
Weighted avg. basic shares
outstanding 39,784 43,787
Weighted avg. diluted shares
outstanding 40,085 44,223
Basic EPS before Q1 Tax
Adjustment
Diluted EPS before Q1 Tax
Adjustment
Thirty Nine Thirty Nine
Weeks Weeks
Ended Ended
Sept 30, 2006 Oct 1, 2005
----------------- -----------------
Sales:
Retail $192,832 47.06% $159,586 43.81%
Wholesale 216,936 52.94% 204,717 56.19%
----------------- -----------------
Total sales 409,768 100.00% 364,303 100.00%
Cost of sales 188,032 45.89% 161,485 44.33%
----------------- -----------------
Gross profit 221,736 54.11% 202,818 55.67%
Retail 98,056 50.85%(A) 86,499 54.20%(A)
Wholesale 16,463 7.59%(B) 12,883 6.29%(B)
----------------- -----------------
Total selling expenses 114,519 27.95% 99,382 27.28%
General & administrative
expenses 47,534 11.60% 41,964 11.52%
----------------- -----------------
Income from operations 59,683 14.57% 61,472 16.87%
Interest (income) (20) 0.00% (17) 0.00%
Interest expense 11,211 2.74% 4,809 1.32%
Other (income) expense (459) -0.11% (200) -0.05%
----------------- -----------------
Income before provision for
income taxes 48,951 11.95% 56,880 15.61%
Provision for income taxes 16,753 4.09% 22,183 6.09%
----------------- -----------------
Net income $ 32,198 7.86% $ 34,697 9.52%
================= =================
Basic earnings per share $ 0.80 $ 0.77
========= =========
Diluted earnings per share $ 0.79 $ 0.76
========= =========
Weighted avg. basic shares
outstanding 40,405 45,237
Weighted avg. diluted shares
outstanding 40,737 45,709
Basic EPS before Q1 Tax
Adjustment 0.74
Diluted EPS before Q1 Tax
Adjustment 0.73
----------------------------------------------------------------------
(A) Retail selling expenses as a percentage of retail sales.
(B) Wholesale selling expenses as a percentage of wholesale sales.
*T
-0-
*T
The Yankee Candle Company, Inc. And Subsidiaries
Condensed Consolidated Balance Sheets
(in thousands)
ASSETS September December
30, 31,
2006 2005
----------- ---------
(unaudited)
Current Assets:
Cash and cash equivalents $9,756 $12,655
Accounts receivable, net 67,366 42,546
Inventory 87,404 55,528
Prepaid expenses and other current assets 12,383 9,060
Deferred tax assets 5,704 6,734
----------- ---------
Total Current Assets 182,613 126,523
Property, Plant And Equipment, net 136,859 139,089
Marketable Securities 2,194 2,223
Deferred Financing Costs 707 593
Deferred Tax Assets 69,515 73,975
Other Assets 30,560 12,731
----------- ---------
Total Assets $422,448 $355,134
=========== =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable $20,320 $21,068
Accrued payroll 12,928 14,319
Accrued income taxes 4,070 20,828
Other accrued liabilities 19,903 34,326
Short-term debt 40,000 -
----------- ---------
Total Current Liabilities 97,221 90,541
Deferred Compensation Obligation 2,330 2,418
Long-Term Debt 241,000 178,000
Deferred Rent 16,688 16,031
Stockholders' Equity 65,209 68,144
----------- ---------
Total Liabilities And Stockholders'
Equity $422,448 $355,134
=========== =========
*T
-0-
*T
The Yankee Candle Company, Inc.
October 25, 2006 Earnings Release
Supplemental Data
Quarter Year to Total
Date
----------- ----------- --------
YCC Retail Stores 9 18 394
Illuminations Retail Stores 15 15 15
Total Retail Stores 24 33 409
Wholesale Customer Locations - North
America 204 1,070 17,454
Wholesale Customer Locations -
Europe 88 228 2,428
Square Footage - Gross 41,841 52,930 826,362
Square Footage - Selling 28,787 37,903 642,432
Total Company Comp Sales Change % 4% 1%
Wholesale Comp Sales Change % (5) -1% -6%
Retail Comp Store Sales Change % (6) 8% 7%
Retail Comp Store Count (6) 349 - 349
Retail Comp Store Sales Change %,
excl. S.Deerfield (6) 9% 7%
Retail Comp Store & Hub Sales Change
% (6) 10% 9%
Sales per Square Foot (1) - $579
Store Count - 351
Average store square footage, gross
(2) - 2,020
Average store square footage,
selling (2) - 1,571
Gross Profit (3)
Retail $ $47,782 $125,419
Retail % 66.3% 65.0%
Wholesale $ $38,841 $96,317
Wholesale % 44.4% 44.4%
Segment Profit (3)
Retail $ $12,936 $27,363
Retail % 17.9% 14.2%
Wholesale $ $33,017 $79,854
Wholesale % 37.7% 36.8%
Depreciation & Amortization (3) $6,672 $19,652
Inventory per Store $41,000 -
Inventory Turns 3.7 4.1 (4)
Capital Expenditures (3) $6,976 $19,410
Shares Outstanding 39,899,962 -
Weighted avg diluted shares in EPS
calculation 40,085,000 40,737,000
(1) Trailing 12 months, stores open for full 12 months, excluding S.
Deerfield Flagship Store.
(2) Excludes S. Deerfield and Williamsburg, VA Flagship stores.
Includes Illuminations stores.
(3) Dollars in thousands.
(4) Rolling four quarters.
(5) Excluding our Costco account, Wholesale comp sales change would be
4% for the quarter and -3% year to date.
(6) Acquired stores will be included in the comparable store sales
calculation beginning with the first full quarter following the first
anniversary of the date of the acquisition.
*T