L.L. Bean reported revenues rose 5.5 percent to $1.52 billion in fiscal 2011 from $1.44 billion 2010, its second-straight increase although it fell short of its internal goals. Its fiscal year closes at the end of February.
The company, now in its 100th year, saw back-to-back declines in 2008 and 2009 after the recession hit but recovered in 2010, when revenues grew 5.7 percent. The catalog and retail operator saw sales drop 6.6 percent in 2009 after tumbling 7.8 percent in 2008. Overall, its annual revenues have declined four times since 1960.
While L.L. Bean missed its internal sales goal for 2011 with the blame attributed to the mild winter weather, the company still got nearer to its pre-recession sales plateau of $1.6 billion, a company spokesperson told the Associated Press. Sales peaked at $1.62 billion in 2007.
Yet the performance was good enough for a 3 percent employee bonus, which was approved Friday by the company's board of directors. L.L. Bean, now in its 100th year, has 5,000 full- and part-time employees.
In a memo to employees, President and Chief Executive Officer Chris McCormick described progress in 2011 as “modest” and that the company will be adopting another conservative budget in the coming year.
“As we head into another year of economic uncertainty, we have adopted a conservative budget, maintaining a tight control on expenses coupled with plans for only modest growth,” he wrote.
