The Yankee Candle Company, Inc. Reports Record Fiscal 2002 First Quarter Results; First Quarter Sales Up 17%, Operating Profit Up 25%, Net Income Up 60% and EPS Up 56%

Business Wire, April 24, 2002

Business Editors

SOUTH DEERFIELD, Mass.--(BUSINESS WIRE)--April 24, 2002

The Yankee Candle Company, Inc. (the "Company") (NYSE:YCC), the leading designer, manufacturer, wholesaler and retailer of premium scented candles, today announced financial results for the first quarter ended March 30, 2002. Total sales for the first quarter were a record $88.2 million, a 17% increase over the year ago quarter. Wholesale sales including European operations were $46.0 million, a 13% increase over the year ago quarter. Retail sales were $42.1 million, a 21% increase over the fiscal 2001 first quarter. Comparable sales in the 150 retail stores that have been open more than one year and mailorder hub increased 1% and retail comparable store sales decreased 4% in the quarter. Yankee opened 10 new retail stores during the first quarter and ended the quarter with 202 stores in 39 states.

Net income for the fiscal 2002 first quarter increased 60% to $7.5 million, or $0.14 per common share on a basic and diluted basis, from $4.7 million, or $0.09 per common share on a basic and diluted basis before restructuring charge for the prior year quarter.(1)

Operating profit for the fiscal 2002 first quarter increased 25% to $13.7 million, from $10.9 million before restructuring charge for the prior year quarter.(2)

"We are very pleased to start the new fiscal year by reporting strong first quarter financial results, including a 56% increase in earnings per share. In fact, total sales, operating profit, net income and EPS all exceeded the guidance we provided during our February 13, 2002 conference call," said Craig W. Rydin, Yankee Candle's Chief Executive Officer. "The combination of our brand strength, vertically integrated and multi-channel business model, breadth of product offering, new product development and merchandising initiatives have enabled us to achieve strong sales growth, market share gains and increased profitability in what continues to be very challenging general economic and retail environments."

The company will host a conference call to be broadcast via the Internet at 11:00 a.m. (EST) this morning to more fully discuss fiscal 2002 first quarter results. Individuals may access the Webcast from: https://cis.premconf.com/sc/scw.dll/usr?cid=sszdmxvxrldrxxrlxxxvddxcm You can also access the Webcast from The Yankee Candle Company, Inc.'s Website at www.yankeecandle.com. Click on the "About Yankee Candle" link, then select the "Investor Relations" link. Enter your registration information, 10 minutes prior to the start of the conference.

The Yankee Candle Company, Inc. is the leading designer, manufacturer, wholesaler and retailer of premium scented candles in the large and growing giftware industry. Yankee has a 32 year history of offering distinctive products and marketing them as affordable luxuries and consumable gifts. The Company sells its candles through a wholesale customer network of approximately 13,800 store locations, its rapidly expanding base of company owned and operated retail stores (202 located in 39 states as of March 30, 2002), direct mail catalogs, its Internet website (www.yankeecandle.com), international distributors and through its distribution center located in Bristol, England.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding The Yankee Candle Company, Inc.'s business which are not historical facts are "forward looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, please read the section entitled "Future Operating Results" in the Company's most recent Form 10-K on file with the Securities and Exchange Commission. The Company assumes no obligation to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized.

(1) After the one-time restructuring charge, the Company reported a

net loss of $179,000, or $0.00 per common share on a basic and

diluted basis for the fiscal 2001 first quarter. (2) After the one-time restructuring charge, the Company reported

operating income of $2.9 million for the fiscal 2001 first

quarter.

           The Yankee Candle Company, Inc. And Subsidiaries
                 Consolidated Statements of Operations
                 (in thousands, except per share data)
                              (Unaudited)

                               Thirteen Weeks      Thirteen Weeks
                                    Ended              Ended
                               Mar. 30, 2002       Mar. 31, 2001
Net sales:
    Retail                   $ 42,148    47.80%   $34,756    46.14%
    Wholesale                  46,036    52.20     40,564    53.86

    Total net sales            88,184   100.00     75,320   100.00

Cost of goods sold             42,109    47.75     38,015    50.47

Gross profit                   46,075    52.25`    37,305    49.53

Selling expenses:
    Retail                     18,532    43.97(A)  14,964    43.05(A)
    Wholesale                   2,688     5.84(B)   2,211     5.45(B)
General and administrative
 expenses                      11,194    12.69      9,191    12.20
Restructuring charge             --                 8,000    10.62


Income from operations         13,661    15.49      2,939     3.90
Interest income                   (15)   -0.02        (42)   -0.06
Interest expense                1,308     1.48      3,376     4.48
Other (income) expense             60     0.07       (102)   -0.14

Income (loss) before
 provision for (benefit
 from) income taxes            12,308    13.96       (293)   -0.39

Provision for (benefit
 from) income taxes             4,800     5.44       (114)   -0.15


Net income (loss)            $  7,508     8.51%  $   (179)   -0.24%


Basic earnings per share     $   0.14            $   0.00

Diluted earnings per share   $   0.14            $   0.00

Weighted average basic
 shares outstanding            53,638              53,617

Weighted average diluted
 shares outstanding            54,685              53,617

Supplemental EPS Data:

Diluted earnings per share
 before restructuring
 charge                      $   0.14            $   0.09


(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
                                                 Mar. 30,   Dec. 29,
                                                   2002       2001
                                                (unaudited)
Current Assets:
 Cash and cash equivalents                      $ 11,465   $ 30,531
 Accounts receivable, net                         27,650     23,141
 Inventory                                        27,996     23,680
 Prepaid expenses and other
  current assets                                   4,653      4,340
 Deferred tax assets                               3,544      3,544

  Total current assets                            75,308     85,236

Property, Plant And Equipment, net               106,902    103,975
Marketable Securities                              1,128        961
Classic Vehicles                                     243        351
Deferred Financing Costs                           2,536      2,815
Deferred Tax Assets                              124,029    127,029
Other Assets                                         422        917

 Total Assets                                   $310,568   $321,284


                 LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities:
 Accounts payable                               $ 20,148   $ 19,044
 Accrued interest                                    364        125
 Accrued payroll                                   7,325      9,170
 Accrued income taxes                                970     14,462
 Other accrued liabilities                        11,043     12,242
 Long-term debt, current portion                  32,000     31,500

  Total current liabilities                       71,850     86,543

Deferred Compensation Obligation                   1,160      1,055
Long-Term Debt - Less current portion             79,493     83,500
Deferred Rent                                      2,416      2,082
Stockholders' Equity                             155,649    148,104

  Total Liabilities And Stockholders' Equity    $310,568   $321,284