L.L. Bean reports best annual sales growth in nearly a decade
The international outdoor retailer and apparel manufacturer, L.L. Bean, reported its best annual sales growth in nearly a decade this week.
Annual net revenue totaled $1.59 billion – a 5% increase over 2019 – as the Freeport, Maine-based business benefited from the resurgence in outdoor activities and the advancements in recent years in its omni-channel presence during a strong finish to the year.
In recognition of these results, the company Board has approved a 10% bonus for its approximately 4,600 eligible employees.
“This past year redefined our lives in many ways and our company’s purpose took on new importance as a record number of people turned to the outdoors for respite,” said L.L. Bean President and CEO Stephen Smith. “I was continually inspired by the resilience, agility and care exuded by our employees throughout a year of change and challenges. Despite retail locations being closed for ten weeks, thanks to our dedicated teams and our omni-channel advancements, we were still able to provide customers with the apparel, goods and gear they needed – whether for inside comforts or outside connections.”
L.L. Bean also further demonstrated its commitment to the local community by manufacturing 350,000 face coverings and 500,000 shields and packing and distributing one million pounds of food for those in need in the state of Maine. It also donated $6 million to over 100 outdoor and community organisations to advance outdoor access for all.
L.L. Bean has stores across both the US and UK and in 2020 opened its first four outlets in Canada.