LL Bean sales grow 14% during second year of pandemic
FREEPORT, Maine (AP) — A larger fascination in the outdoor all through the pandemic aided to generate double-digit earnings advancement for L.L. Bean, letting the board to present a healthy bonus for workers Friday.
Product sales grew by 14% in the course of the retailer’s 2021 fiscal year, the biggest gain given that 1993, and a cash reward of 12% was awarded to workers, officers claimed.
“We experienced a fantastic year,” CEO Steve Smith advised The Affiliated Push. He praised staff for their resilience in working with the pandemic, supply-chain concerns and other difficulties.
Smith claimed the firm bet on solid functionality and greater the quantity of orders from suppliers as purchasers began snapping up outside equipment at the start off of the pandemic.
“People obviously reconnected to the outside, and the outdoors became a vital component in people’s lives,” he claimed.
The company boasted double-digit expansion classes such as lively garments and athleisure outerwear and lively footwear camping and climbing winter athletics and travel.
All explained to, the firm recorded sales of $1.8 billion, a new document, developing on final year’s 5% growth, officers said.
The board shared the wealth with staff who obtained a 20% reward — 12% in money and 8% in 401k contributions, officers mentioned. All 5,500 full- and part-time employees qualify for the bonus.
Source website link