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

UK retail firms urge Hammond to ease business rates burden

Textiles | On 20th Nov 2017

UK retail firms urge Hammond to ease business rates burden

Top British retail company CEOs have urged UK finance minister...

L-R: Surya Ajay Agarwal (Director - Donear), Vikram Mahaldar (MD - OCM) & Rahul Rajendra Agarwal (Director - Donear)

Textiles | On 20th Nov 2017

Promoters of Donear Group acquire OCM Woolen Mills

The promoters of Mumbai-based Donear Group have announced the...

Courtesy: Cornell

Textiles | On 20th Nov 2017

Cornell’s tech allows customisation of woven fabrics

Cornell Professor Steve Marschner and Rhode Island School of Design...

Interviews View All

Frank Gossmann
Rotorcraft AG

‘RT3 motto is: Do not check millimetres, check colours.’

Spokesperson
Hugo Boss

'Hugo Boss works with carefully selected sourcing partners'

Stefan Warnaar
Peak to Plateau

People are willing to pay for quality and performance

Vikas Banduke

Softech Controls Private Limited (SCPL) is a part of the Cotmac Group, an...

Sugandha Bhardwaj

<div>New Delhi-based Brinjal Designs Pvt Ltd manufactures home furnishing...

Harsh Shah

Established in 1956 with a small beginning, Embee today manufactures a...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Lynda Kelly
Suominen Corporation

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

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Mike Hoffman
Gildan Activewear SRL

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

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

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

November 2017

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
68.5%
No
12.4%
Skip
19.1%

Total Votes: 89

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.8%
No
30.3%
Skip
7.9%

Total Votes: 89

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
86.5%
No
10.1%
Skip
3.4%

Total Votes: 89

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
80.9%
No
9.0%
Skip
10.1%

Total Votes: 89


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search