L.L.Bean announced the close to its 2020 fiscal year, with annual net revenue totaling $1.59 billion, a 5 percent increase over 2019.
The Freeport, ME-based company said that with 2020 largely defined by COVID-19, the outdoors played a key role in many consumers’ day-to-day lives. This resurgence of outside activities, combined with its advancements over the past several years to further its omnichannel presence, contributed to the company’s strong finish to its fiscal year. In recognition of these results, the L.L.Bean Board of Directors approved a performance bonus of 10 percent of annual pay to approximately 4,600 eligible employees and an additional 401(k) contribution of 8 percent.
“This past year redefined our lives in many ways, and our company’s purpose took on new importance as a record number of people turned to the outdoors for respite,” said company president and CEO Stephen Smith, in a statement. “I was continually inspired by the resilience, agility and care exuded by our employees throughout a year of change and challenges. Despite retail locations being closed for ten weeks, thanks to our dedicated teams and our omnichannel advancements, we were still able to provide customers with the apparel, goods and gear they needed, whether for inside comforts or outside connections.”
This year also brought new initiatives for L.L.Bean including entering wholesale partnerships, a first in its history. It also launched the first collaboration with menswear designer Todd Snyder and expanded its international footprint with four stores in Canada.
In 2020, the company stayed committed to its long-held stakeholder philosophy, making notable strides to continue supporting employees, customers, communities, and advancing its sustainability efforts.
“The belief in the renewing power of time spent outside was the reason my great-grandfather created this company,” said Shawn Gorman, the company’s executive chairman. “This belief, along with our commitment of putting people first, have both served as our guideposts over the past 108 years, and this year was no different. On behalf of the family and Board of Directors, I want to thank our employees for their dedication not only to our organization but also to our stakeholders and their needs in 2020.”
Photo courtesy L.L. Bean