L.L.Bean sales remain flat, as mild winter slowed demand
Photo Courtesy / L.L. Bean
Stephen Smith, L.L.Bean's president and CEO
With smelt camps closing up early and early seasons for maple syrup and lobster fishing — the mild winter in Maine has been affecting businesses that rely on the state’s long, cold winters for business. The same can now be said for perhaps the most iconic of Maine companies, L.L.Bean.
In a memo to employees, L.L.Bean President and CEO Steve Smith reported that sales and the $1.6 billion in revenue reported for 2015 were comparable to 2014, according to The Bangor Daily News. Smith was named to the top post in November and joined the company in February.
The flat revenue came in a year that saw the company opening several new retail stores and the addition of 600 employees to locations across the country. Smith noted that though sales were flat, the company ended 2015 with a competitive edge.
“Thanks to a combination of prudent forecasting and cost management, we were able to minimize the impact of soft sales on our overall profitability — something many of our competitors could not achieve.”
As for what 2016 will bring, the BDN reports that the company will be making large investments in offering different ways for consumers to shop, including expanding its digital offerings to reach a younger customer base. The company will also continue its plans to open 100 retail locations by 2020.
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