L.L.Bean logs record profits; plans to reinvest $100M
Freeport retailer L.L.Bean reported record profits on a 3% increase in revenue and plans to reinvest $100 million to expand and improve its online and retail business.
In an annual statement, the company said it logged net sales of $1.56 billion for the fiscal year ending Feb. 28. The company plans to pay 8% performance bonuses to approximately 5,000 of its full- and part-time workers. The company reported its most profitable year for retail since it started operating stores outside the state.
The Portland Press Herald reported the company’s growth lagged that of competitor Cabela’s Inc., which boosted revenues by 15.6% to $3.6 billion last year. Nationally, the newspaper reported, the retail industry saw 3.7% sales growth.
In a statement, President and CEO Chris McCormick said the company plans to make its single-largest capital investment in the coming year, putting $100 million into improving its business systems and expanding its online and retail business. The company plans to open four new stores in 2014 and to expand its higher-end Signature apparel line, reflecting the continued strengthening of the economy, McCormick said.
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