Home / Knowledge / News / Apparel/Garments / L.L.Bean reports solid growth & employee bonuses
L.L.Bean reports solid growth & employee bonuses
15
Mar '11
L.L.Bean announced a positive close to its 2010 fiscal year, bucking retail industry trends that showed disappointing results for many retailers. On the basis of the business performance for 2010 the company announced its intent to pay performance bonuses to employees.

"L.L.Bean has performed very well in a challenging retail environment, ending the year with a 5.7% increase in net sales over the prior year," said Chris McCormick, L.L.Bean's President and CEO. "The initiatives we put in place and the significant investments we made in our business have paid off, even in the midst of a slow economic recovery."

For the 2010 fiscal year ending February 27, 2011, L.L.Bean reported annual net sales of $1.44 billion, a 5.7% increase over 2009. The company also announced that its Board of Directors approved a cash award of 5% of annual pay to approximately 5,000 eligible employees.

"It's a well deserved bonus," said Leon Gorman, L.L.Bean's Chairman of the Board. "On behalf of the Board of Directors I congratulate L.L.Bean employees on their outstanding performance this year. We have a great team in place and are pleased to be in the position of rewarding Bean employees for their achievements."

Chris McCormick added further, "We had a challenging spring season, but a very strong Peak holiday season, giving us great momentum heading into January and February which remained strong," he said. "Our employees really pulled together to manage the high volume, while delivering excellent customer service."

2010 L.L.Bean Year in Review

• 2010 company net sales, $1.44 billion – a 5.7% increase over 2009.
• The company highlights include:
o One new store in Victor, New York, built to U.S. Green Building Council's LEED standards
o Launch of the Signature sub-brand, a new sportswear collection for men and women
o One new store in Japan, bringing the total to 19
o 33 new stores in China, bringing the total to 62.
• The National Retail Federation / American Express annual Customer Service Survey rated L.L.Bean number 3 overall, and the top-rated multi-channel retailer in customer service
• L.L.Bean's website sales grew 29% over 2010, setting records for online orders, becoming the most dominant sales channel, and earning multiple industry awards
• Sporting equipment sales were at their highest level ever. Boating, Camping and Cycling all saw their greatest growth in 2010
• Demand for the iconic Bean Boots, manufactured in Maine, soared up 57% over last year
• Number of customers purchasing from L.L.Bean saw one of the biggest increases in company history
• Donated $1,700,000 in corporate contributions to charitable programs in 2010, including $500,000 to the Maine Community College system
• Record-breaking United Way campaign raised $1,454,000 in corporate and employee donations for the 5 Maine United Way offices

2011 and beyond

"We are committed to investing in the business and growing the brand as we see continued strengthening of the economy," said Chris McCormick. "We will have future announcements of new store openings, and significant new marketing initiatives. We're looking forward to another successful year leading into 2012, which marks the 100th anniversary of the founding of our company in 1912 in Freeport, Maine."

L.L.Bean Inc

Must ReadView All

Textiles | On 10th Dec 2016

India’s 2016-17 cotton import to touch 17 lakh bales

The import of cotton from international markets by spinning mills in...

Textiles | On 10th Dec 2016

US textile & apparel imports fall 6.50% in Jan-Oct ’16

The import of textiles and apparel by United States dropped 6.50 per...

Unipar Carbocloro plant in the city of Cubatão, São Paulo state. Courtesy: Wikipedia

Textiles | On 10th Dec 2016

Brazil’s CADE clears Solvay’s 70.59% stake sale in Indupa

Brazil’s administrative council for economic defence (CADE) has...

Interviews View All

Pinkesh Jain
Everflow Petrofils Ltd

‘An innovative technology which India needs desperately is the...

Milind Khandwe
Hindoostan Innovation Centre

‘Modern technical textile is an indispensable tool for science and...

Dharmendra Shah
Ozone PB Spintex Limited

‘We have made huge investments to ensure quality yarn production.’

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Sonam & Paras Modi
SVA

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

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
December 2016

December 2016

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

SUBSCRIBE


Browse Our Archives

GO


Advanced Search