L.L. Bean Closes 2014 With Three Percent Revenue Increase

1/1/2003
L.L.Bean announced a positive close to its 2014 fiscal year, bucking retail industry trends that showed disappointing results for many retailers. On the basis of the business performance for 2014, the company announced its intent to pay performance bonuses to employees.

"L.L.Bean has performed well in a challenging retail environment, ending the year with a 3.0 percent increase in net revenue over the prior year," said Chris McCormick, L.L.Bean's president and CEO. "The long-term investments we've made in the business, and continue to make, to enhance the customer experience, are paying off. We are expanding our retail presence, upgrading our operating systems, and have made significant investments to grow our web presence. Additionally, we have a highly engaged and committed workforce without whom our results in 2014 would not have been possible."

For the 2014 fiscal year ending February 22, 2014, L.L.Bean reported annual net revenue of $1.61 billion, a 3 percent increase over 2013. The company also announced that its board of directors approved a cash award of 5 percent of annual pay to approximately 5,300 eligible employees.

"It's a well-deserved bonus," said Shawn Gorman, L.L.Bean's chairman of the board. "On behalf of the board of directors, I congratulate L.L.Bean employees on their great performance this year. We have a terrific team in place and are pleased to be in the position of rewarding Bean employees for their many contributions and achievements. The investments we've made over the last few years position the company well for future growth."

McCormick added, "In addition to recognizing the hard work of employees, the bonus payment underscores the family's long-term commitment to our stakeholder philosophy by generously sharing in the company's profits and financial success. As we look toward 2015, we are well poised to leverage the growth strategies we have established in retail, on the web, and in the product line."

2014 L.L.Bean year in review
  • 2014 company net revenue, $1.61 billion – a 3.0 percent increase over 2013.
  • L.L.Bean named to Fortune's 2015 Fortune 100 Best Companies to Work For® List
  • Ranked in the Top 10 in the Country for the Highest Corporate Reputation by Harris Poll Reputation Quotient (RQ®) Study
  • Three new stores: Burlington, Vt.; Bloomington, Minn.; and Lone Tree, Colo., all built to U.S. Green Building Council's LEED standards
  • The Outdoor Discovery Schools served 130,000 participants, 30 percent increase over 2013
  • L.L.Bean's website sales grew 7 percent and received notable recognition from industry groups including Foresee and StellaService
  • Demand for the iconic Bean Boots, manufactured in Maine continued to be strong, with approximately 450,000 pairs produced in 2014
  • Donated $1,900,000 to nearly 200 local, state and national non-profit organizations
  • Record-breaking United Way campaign raised $1,663,848 , the largest in Maine
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