Yankee Candle to cut 455 Jobs

WHATELY — Yankee Candle Co., a maker of scented candles, said it will cut about
455 jobs, or about 15 percent of its workforce, to improve the efficiency of its
supply chain and boost earnings this year. The cuts will save about $10 million
annually and result in per-share earnings growth of at least 25 percent this year,
the Whately, Massachusetts company said in a statement. Yankee Candle will take
a first-quarter pretax charge of $7 million related to the reductions. The company
said it employs more than 3,000 people worldwide. The company said fourth-quarter
net income rose 22 percent to $27.7 million, or 51 cents a share, from $22.7 million,
or 42 cents, in the year-earlier quarter. That was less than the 55-cent average
estimate of four analysts surveyed by First Call/Thomson Financial. Revenue rose
27 percent to $141.4 million from $111.7 million.