L.L.Bean announced its fiscal 2015 sales were flat as well as its intention to pay performance bonuses to employees.
For the fiscal year ending February 28, 2016, L.L.Bean reported annual net sales of $1.6 billion, essentially level with 2014. Though sales were flat, the company also announced that its Board of Directors approved a performance bonus of 3 percent of annual pay to 5,900 eligible employees.
“L.L.Bean has performed well given a challenging retail environment,” said Steve Smith, L.L.Bean’s President and CEO. “That we were able to hold our own despite a tough market, combined with our own major capital investments, is a testament to the strength of the people, products and service associated with L.L.Bean as a heritage brand. We are grateful to our loyal customers and to our hard-working employees for these solid results.”
At its Mar. 18 meeting, the L.L.Bean Board of Directors approved the employee bonus.
“On behalf of the Board of Directors and the family, I would like to express our appreciation to the employees,” said Shawn Gorman, L.L.Bean’s Executive Chairman of the Board. “This year-end bonus is in recognition of their hard work, and dedication in a year that was challenging for all retailers. The Board and family are pleased to be in a position to reward Bean employees for their many contributions and a job well done.”
“In addition to recognizing the hard work of employees,” added CEO Steve Smith, “the bonus payment underscores the family’s long-term commitment to our stakeholder philosophy by generously sharing the company’s profits and financial success with them. As we look toward 2016, we are well poised to refocus on the growth strategies we have established in retail, on the web, and in the product line and build on our healthy foundation.”
Founded in 1912 by Leon Leonwood Bean, L.L.Bean Inc. began as a one-room operation selling a single product, the Maine Hunting Shoe. Still family owned, Shawn Gorman, great grandson of Leon Leonwood Bean, was named Chairman of the Board of Directors in 2013. While its business has grown over the years, L.L.Bean continues to uphold the values of its founder, including his dedication to quality, customer service and a love of the outdoors. L.L.Bean products are rigorously tested, guaranteed to last and always shipped free. In the past five years, L.L.Bean has donated over $6 million toward conservation and land stewardship. The 220,000 sq. ft. L.L.Bean retail store campus in Freeport, ME, is open 24 hours a day, 365 days a year and welcomes more than 3 million visitors every year.
