L.L.Bean reported sales in its fiscal year ended February 24 reached $1.62 billion, a 5.5% increase over 2006. The company also announced that its Board of Directors approved a cash award of 5% of annual pay to eligible employees, a payout of approximately $18.5 million. An additional $10 million will be allocated to the pension plan, keeping the plan fully funded.
“L.L.Bean has performed very well in a challenging retail environment, ending the year with a 5.5% increase in net sales over the prior year,” said Chris McCormick, L.L.Bean's president and CEO.
McCormick added further, “We had a very good spring season, somewhat soft September and October with unseasonably warm weather, and a very strong December which came in 20% over 2006 and enabled us to make up a lot of lost ground,” he said.
L.L. Bean noted that website sales grew 14% over 2006, with almost 81 million visitors to the site.
On the retail front, the company opened stores in Connecticut, Massachusetts and New York state during the year. Additionally, it added a new 30,000 square foot Hunt/Fish store to the Flagship store in Freeport, Maine. For 2008, L.L.Bean plans to open three new stores in 2008 in Chicago, New York, and Pennsylvania. Two new stores also opened in Japan, bringing the total to 15.
L.L. Bean noted that a 350,000-foot expansion of the company's Order Fulfillment Center opened in early Summer 2007. Also, construction work has commenced on Freeport Village Station, a retail complex and parking structure in lower Freeport village, developed with partner Berensen Associates, scheduled for late 2008 opening and completion in 2009. L.L. Bean also announced plans to open an Outdoor Adventure Center which will build upon its outdoor recreation schools in Freeport.
