Home / Knowledge / News / Apparel/Garments / LL Bean FY'13 net sales rise 3%
LL Bean FY'13 net sales rise 3%
08
Mar '14
L.L.Bean announced a positive close to its 2013 fiscal year. On the basis of the business performance for 2013, the company announced its intent to pay 8% performance bonuses to approximately 5,000 full and part-time employees.
 
For the 2013 fiscal year ending February 23, 2014, L.L.Bean reported annual net sales of $1.56 billion, a 3% increase over 2012.
 
“L.L.Bean has performed very well in a marketplace that continued to struggle - with economic uncertainty, political distractions and shaky consumer confidence,” said Chris McCormick, L.L.Bean’s President and CEO. “The company’s solid performance in fiscal 2013 is the result of a lot of hard work and dedication of our employees. The positive performance is also the outcome of strategies and investments put in motion in 2010 while the economy was still in a recession.”
 
“On behalf of the Board of Directors, I would like to express our appreciation to the L.L.Bean employees that made this happen,” said Shawn Gorman, L.L.Bean’s Chairman of the Board. “This year-end bonus is in recognition of their hard work, and a tribute to the strategies and investments we set in motion in 2010 that positioned the company for growth.
 
We have an amazingly talented team in place and are pleased to continue the family’s commitment to keeping employee and shareholder interests aligned and reward our employees for their hard work, dedication and achievements.”
 
In addition to the bonus announcement, the company also reported to its employees the additional contribution of $40 million to fully fund its defined benefit pension program. Combined with the bonus, this represents a $78.5 million investment in L.L.Bean employees.
 
McCormick went on to elaborate on the results of 2013. “We have made substantial investments in our website as well as in our internal processes, all with a goal of providing better product assortment and quality service to our customers. These investments have paid off in increased online sales, greater productivity and wide appeal for new fits and styles in Men’s, Women’s and Outerwear, as well as an expanded Active line. 
 
In addition we saw growth in Sporting Equipment with strong performance in our Hunting and Fishing lines as people continue to spend more time outdoors. Our Maine-made L.L.Bean Boot production is at an all-time high, demonstrating Bean’s first product is as relevant today as it was 101 years ago.”

Must ReadView All

Apparel/Garments | On 28th Sep 2016

CMAI inks MoU with Chinese textile trade body CCCT

Indian apex clothing association, the Clothing Manufacturers...

Textiles | On 28th Sep 2016

India sees largest gain on WEF’s Competitiveness Index

India has shown the largest gain made by any country on the World...

Textiles | On 28th Sep 2016

Oerlikon to show new yarns and fibres at ITMA+CITME expo

The Oerlikon Manmade Fibers segment, the world market leader for...

Interviews View All

Amit Jain
Shingora Textiles Ltd

Spokesperson
Hugo Boss

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
September 2016

September 2016

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


Advanced Search