L.L.Bean reported flat year-over-year sales in the 2024 fiscal year, with annual net revenue again totaling $1.7 billion. In recognition of these results, the L.L.Bean Board of Directors approved a performance bonus of 6.5 percent of annual pay for its approximately 5,500 employees, comprised of a 3.5 percent cash bonus and a 3 percent 401(k) contribution. The bonus fell short of the 9 percent bonus last year for 2023 performance, a 13.5 percent bonus for 2022 even, as sales declined year-over-year, and a 20 percent bonus for 2021 after one of the most successful years in the retailer’s history when sales grew 14 percent year-over-year.

The company said it continued to navigate a challenging retail environment in 2024 that was impacted by inflationary headwinds and decreased consumer spending in the outdoor sector. Despite this, the company said it saw significant gains related to strategic initiatives, including omni-channel growth and product innovation.

L.L.Bean increased its retail footprint by opening four U.S. stores, establishing 36 wholesale and independent specialty store partnerships, and 31 brand partnerships and collaborations. The company plans to open seven more stores (six retail and one outlet) in 2025.

“In 2024, our company remained committed to delivering high-quality, outdoor-inspired goods and exceptional customer experiences in the midst of an increasingly complex retail environment,” said Stephen Smith, president and CEO of L.L.Bean. “Our global workforce demonstrated adeptness in navigating market uncertainty, and we feel confident that the business decisions and investments we made this year will positively position our company for long-term growth as we look ahead to an exciting year.”

Two of L.L.Bean’s iconic products, the Original Field Coat and Boat and Tote, celebrated 100-year anniversaries since their release. The Field Coat drove 400 percent new buyer growth in the category, and the Boat and Tote continued to be L.L.Bean’s most significant driver of new customer purchases 80 years after its introduction.

“From the 100th anniversary of the Original Field Coat to the enduring popularity of the Boat and Tote, it’s been incredible to see our most iconic goods find favor with new generations of outdoor enthusiasts,” said Shawn Gorman, executive chairman of the Board of Directors and great-grandson of Founder Leon Leonwood Bean.

“We’re grateful to our customers who looked to L.L.Bean last year, and we would like to extend heartfelt gratitude to our employees worldwide. Their dedication, skill and passion for our customers and the outdoors make all the difference,” continued Gorman.

L.L.Bean reportedly invested $6.8 million in outdoor programs and community partnerships during the year, including a program to help send over 8,500 underserved kids to summer camp through the company’s camp scholarship program.

Omni-Channel Growth Investments

  • Expanded L.L.Bean’s brick-and-mortar footprint with four new U.S. retail store openings.
  • Established wholesale partnerships with Chewy, Von Maur and 34 independent specialty stores, placing L.L.Bean products in 95 new storefronts and 36 new e-commerce platforms.
  • Forged new partnerships to introduce L.L.Bean to new audiences, including Noah Kahan, Summersalt, Farmgirl Flowers, and Harpoon.

Top-Performing Products

  • Stitched over 720,000 new Boat and Totes, L.L.Bean’s No. 1 driver of new customer growth for the third consecutive year.
  • Celebrated the 100th anniversary of the Original Field Coat, driving 400 percent year-over-year new buyer growth in the category.
  • Reported triple-digit growth in the women’s Popham Puffer, Ridgeknit Top, Cloud Gauze Shirts, Original Cotton Sweater, and men’s Lakewashed Double-Knit Top.

Employee Investment

  • Invested nearly $74 million in employee benefits, wage increases, bonuses, 401(k) contributions and enhancements, and holiday gifts.
  • Employed 5,700 people globally in L.L.Bean retail stores and across offices (and homes) in the U.S., Costa Rica, Japan, Hong Kong, and Taiwan.
  • Hired 3,700 seasonal employees to meet peak holiday season demand.

Sustainable Business Practices

  • Eliminated use of PFAs in new L.L.Bean-labeled products by the end of 2024.
  • Continued making progress toward reducing greenhouse gas emissions at L.L.Bean-owned facilities by 50 percent by 2025.
  • Set goal to reduce full value chain carbon emissions by 25 percent by 2030.
  • The retailer reported it is on track to achieve 80 percent renewable energy usage in Maine operations by 2025.

Image courtesy L.L.Bean