L.L.Bean announced the close to its 2021 fiscal year, with annual net revenue totaling $1.8 billion, with a 14 percent increase over 2020. The performance marked one of the most successful years in its history.
In 2020, the Freeport, ME-based retailer’s revenue totaled $1.59 billion, a 5 percent increase over 2019 and its best results since 2011.
In recognition of 2021’s results, L.L.Bean’s Board of Directors approved a performance bonus of 20 percent of annual pay for its approximately 5,500 employees, including a 12 percent cash bonus and an 8 percent 401(k) contribution.
L.L.Bean said increased consumer interest in an outdoor lifestyle, paired with the company’s investment in its omnichannel presence, wholesale partnerships, new product offerings, and international expansion, contributed to its top performance.
L.L.Bean President and CEO Stephen Smith said of the company’s results, “As we weathered the ongoing impact of the pandemic, we were inspired by the number of people who continued to turn to the outdoors for respite and who trusted L.L.Bean to outfit them for their everyday adventures proving that our brand has never been stronger. Our global teams have shown incredible resilience and agility in the face of an ever-changing retail environment and never-before-seen supply chain challenges. By accurately forecasting consumer demand and securing inventory early, we were able to meet our customers’ needs which, in turn, yielded one of our strongest years of growth in company history.”
The company showed double-digit growth in Active Apparel, driven by the launch of its Athleisure program, Camping and Hiking, Outerwear, Winter Sports, Kids, and Travel.
Shawn Gorman, L.L.Bean executive chairman of the board and great-grandson of founder Leon Leonwood Bean, added: “On behalf of the family and Board of Directors, I want to thank our employees for their continued dedication in what proved to be another unprecedented year. It is an honor to fulfill our promise of being a people-first organization by giving back to our employees and all of our stakeholders in such a meaningful way.”
In addition to reporting strong financial results, L.L.Bean added two independent directors to its Board in 2021—Diane Neal, former CEO, Sur La Table and Bath & Body Works, and Deborah Yeh, CMO, Sephora Americas. Former independent director Hugh Farrington retired in 2021 after serving seven years on its Board of Directors.
Photo courtesy L.L.Bean
