L.L. Bean reported net revenue reached $1.61 billion for the fiscal year ending Feb. 22, 2015, up 3 percent from the prior fiscal year. The company also announced that its board of directors approved a
cash award of 5 percent of annual pay to approximately 5,300 eligible
employees.

In a memo to the company's employees, L.L. Bean President and CEO Chris McCormick told employees Wednesday, March 11 that the board has set a goal of having “at least 100” stores open by 2020, according to the Associated Press. L.L. Bean currently has 26 full-price retail stores and ten outlets. It expects to
open four stores this year before ramping up expansion in the following
years. The Associated Press story is here.

“L.L. Bean has performed well in a challenging retail environment, ending the year with a 3.0 percent increase in net revenue over the prior year,” McCormick wrote. “The long-term investments we’ve made in the business, and continue to make, to enhance the customer experience, are paying off. We are expanding our retail presence, upgrading our operating systems, and have made significant investments to grow our web presence. Additionally, we have a highly engaged and committed workforce without whom our results in 2014 would not have been possible.”

Shawn Gorman, L.L. Bean’s chairman of the board, said the employee bonus was well deserved.

“On behalf of the Board of Directors I congratulate L.L. Bean employees on their great performance this year,” said Gorman. “We have a terrific team in place and are pleased to be in the position of rewarding Bean employees for their many contributions and achievements. The investments we’ve made over the last few years position the company well for future growth.”

McCormick said that in addition to recognizing the hard work of employees, the bonus payment underscores the family’s long-term commitment to our stakeholder philosophy by generously sharing in the company’s profits and financial success. As we look toward 2015, we are well poised to leverage the growth strategies we have established in retail, on the web, and in the product line.”

2014 L.L. Bean Year in Review

  • L.L. Bean named to Fortune’s 2015 Fortune 100 Best Companies to Work For® List
  • Ranked in the Top 10 in the Country for the Highest Corporate Reputation by Harris Poll Reputation Quotient (RQ) Study
  • Three new stores: Burlington, VT; Bloomington, MN; and Lone Tree, CO, all built to U.S. Green Building Council’s LEED standards
  • The Outdoor Discovery Schools served 130,000 participants, 30 percent increase over 2013
  • L.L. Bean’s website sales grew 7 percent and received notable recognition from industry groups including Foresee and StellaService
  • Demand for the iconic Bean Boots, manufactured in Maine continued to be strong, with approximately 450,000 pairs produced in 2014
  • Donated $1,900,000 to nearly 200 local, state and national non-profit organizations
  • Record-breaking United Way campaign raised $1,663,848 , the largest in Maine

L.L. Bean, Inc. noted that in the past five years, it has donated over $6 million toward conservation and land stewardship. The 220,000 sq. ft. L.L. Bean retail store campus in Freeport, ME, is open 24 hours a day, 365 days a year and welcomes more than 3 million visitors every year. A privately held company, L.L. Bean does not publicly disclose financials.