Yankee Candle's Growth Slows

SOUTH DEERFIELD, MA-The Yankee Candle Co. plans to open 45 new stores this year, bringing its total to 390 by the end of 2005. Also during the year the company plans to open a second flagship location, in Williamsburg, VA, to join its hub here.

The 45 stores is a decrease from the 60 Yankee Candle opened last year. During its Q4, which ended Jan. 1, the retailer opened 11 units, and it currently has stores in 43 states.

Year-over-year same-store sales for the quarter increased by 1%, an improvement from Q3′s loss of 5%. For all of 2004 same-store sales fell 2% from the year before. Total sales for the quarter were $218.9 million, a 7% increase from 2003′s Q4. Sales for the year were $554.2 million, up 9% from 2003. Yankee Candle sells its products wholesale in 15,600 store locations and has begun selling items in J.C. Penney stores this quarter.