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

President Donald Trump; Courtesy: White House

Textiles | On 23rd Jan 2017

US textile industry eager to work with President Trump

The US textile industry is eager to work with President Donald Trump...

Textiles | On 23rd Jan 2017

LyondellBasel expands Texas plant ethylene capacity

US based producer of petrochemicals and speciality chemicals...

Textiles | On 23rd Jan 2017

China’s cotton imports down 39% in 2016

China’s total cotton imports declined by 39.1 per cent to ...tons in...

Interviews View All

Binoy Ravjani
Hero's Fashion

‘One of the recent trends in hand block printing is the indigo process,...

Sunil Kumar Sharma
Loknayak JPNSSSG Ltd

'The blend of cotton–linen yarn has high demand in the domestic and...

Cyril Pereira
Reed Exhibitions India, organiser of Asian Machine Tool Exhibition 2016

'Major problem in the textile machinery manufacturing industry is the lack ...

Giorgio Mantovani
Corman S.p.A

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

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Silvia Venturini Fendi
Fendi s.r.l

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

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

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
January 2017

January 2017

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

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search