L.L.Bean announced sales in 2016 were $1.6 billion, up slightly from the prior year. The L.L.Bean family and board of directors approved payment of a 3 percent discretionary cash performance bonus to approximately 6,000 eligible employees.
“It’s a well-deserved bonus,” said Shawn Gorman, the company’s executive chairman. “On behalf of the family and the board of directors, I congratulate and thank L.L.Bean employees for their outstanding performance. We have a great team in place, and are pleased to recognize their many achievements.”
While L.L.Bean said its “overall performance was generally in line with the retail industry, the company outperformed its peers during the all-important holiday shopping season.”
The company’s president and CEO, Steve Smith, likewise shared his appreciation for employees’ efforts in outperforming many of the company’s retail competitors over the holidays. “While it has been a challenging year in the retail environment, our employees delivered world class service and products to our customers. Their efforts are deserving of recognition, and will continue to be a key ingredient to L.L.Bean’s future success.”
L.L.Bean last month announced plans to open its 34th retail store outside of Maine with a location to open in Massachusetts at Mashpee Commons in the summer of 2017. In its hometown state of Maine, it has five locations in Freeport, including its 220,000 sq. ft. flagship. It also operates stores in Bangor and Ellsworth in Maine. In the past five years, L.L.Bean has donated over $6 million toward conservation
Photo courtesy L.L.Bean