LL Bean sees sales grow 14% during second year of pandemic
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New England outdoor retailer LL Bean sees gross sales develop 14% during 2nd year of pandemic
Updated: 3:16 PM EDT Mar 19, 2022
A better desire in the outdoors throughout the pandemic assisted to drive double-digit revenue expansion for L.L. Bean, allowing for the board to provide a wholesome bonus for personnel Friday.Revenue grew by 14% all through the retailer’s 2021 fiscal year, the most important acquire since 1993, and a cash bonus of 12% was awarded to employees, officers said.“We had a superb 12 months,” CEO Steve Smith explained to The Affiliated Push. He praised staff for their resilience in working with the pandemic, offer-chain problems and other troubles.Smith said the enterprise bet on strong performance and amplified the volume of orders from distributors as customers started snapping up outside gear at the get started of the pandemic.“People evidently reconnected to the outdoor, and the outdoor grew to become a crucial part in people’s life,” he claimed.The business boasted double-digit advancement types like lively outfits and athleisure outerwear and energetic footwear tenting and mountaineering winter athletics and journey.All instructed, the business recorded revenue of $1.8 billion, a new report, making on final year’s 5% growth, officials reported.The board shared the wealth with staff who acquired a 20% reward — 12% in income and 8% in 401k contributions, officers explained. All 5,500 complete- and portion-time personnel qualify for the bonus.
A increased desire in the outdoors throughout the pandemic assisted to travel double-digit profits progress for L.L. Bean, permitting the board to provide a healthy bonus for personnel Friday.
Sales grew by 14% for the duration of the retailer’s 2021 fiscal yr, the most important acquire considering that 1993, and a cash reward of 12% was awarded to employees, officials said.
“We experienced a great yr,” CEO Steve Smith explained to The Involved Press. He praised employees for their resilience in dealing with the pandemic, source-chain concerns and other challenges.
Smith stated the enterprise wager on strong effectiveness and elevated the quantity of orders from vendors as purchasers started snapping up outdoors gear at the start off of the pandemic.
“People clearly reconnected to the outside, and the outdoors turned a vital ingredient in people’s life,” he claimed.
The corporation boasted double-digit expansion types which include active apparel and athleisure outerwear and active footwear tenting and climbing wintertime athletics and journey.
All instructed, the firm recorded sales of $1.8 billion, a new history, constructing on past year’s 5% growth, officers reported.
The board shared the wealth with staff who been given a 20% bonus — 12% in money and 8% in 401k contributions, officers mentioned. All 5,500 entire- and aspect-time workers qualify for the bonus.
