FREEPORT, Maine, March 11, 2015 (GLOBE NEWSWIRE) -- via PRWEB - L.L.Bean announced today a positive close to its 2014 fiscal year, bucking retail industry trends that showed disappointing results for many retailers. On the basis of the business performance for 2014, the company announced its intent to pay performance bonuses to employees.
"L.L.Bean has performed well in a challenging retail environment, ending the year with a 3.0% increase in net revenue over the prior year," said Chris McCormick, L.L.Bean's President and CEO. "The long-term investments we've made in the business, and continue to make, to enhance the customer experience, are paying off. We are expanding our retail presence, upgrading our operating systems, and have made significant investments to grow our web presence. Additionally, we have a highly engaged and committed workforce without whom our results in 2014 would not have been possible."
For the 2014 fiscal year ending February 22, 2014, L.L.Bean reported annual net revenue of $1.61 billion, a 3% increase over 2013. The company also announced that its Board of Directors approved a cash award of 5% of annual pay to approximately 5,300 eligible employees.
"It's a well-deserved bonus," said Shawn Gorman, L.L.Bean's Chairman of the Board. "On behalf of the Board of Directors I congratulate L.L.Bean employees on their great performance this year. We have a terrific team in place and are pleased to be in the position of rewarding Bean employees for their many contributions and achievements. The investments we've made over the last few years position the company well for future growth."
Chris McCormick further added, "In addition to recognizing the hard work of employees, the bonus payment underscores the family's long-term commitment to our stakeholder philosophy by generously sharing in the company's profits and financial success. As we look toward 2015, we are well poised to leverage the growth strategies we have established in retail, on the web, and in the product line."
2014 L.L.Bean Year in Review
- 2014 company net revenue, $1.61 billion – a 3.0% increase over 2013.
The company highlights include:
- L.L.Bean named to Fortune's 2015 Fortune 100 Best Companies to Work For® List
- Ranked in the Top 10 in the Country for the Highest Corporate Reputation by Harris Poll Reputation Quotient (RQ®) Study
- Three new stores: Burlington, VT; Bloomington, MN; and Lone Tree, CO, all built to U.S. Green Building Council's LEED standards
- The Outdoor Discovery Schools served 130,000 participants, 30% increase over 2013
- L.L.Bean's website sales grew 7% and received notable recognition from industry groups including Foresee and StellaService
- Demand for the iconic Bean Boots, manufactured in Maine continued to be strong, with approximately 450,000 pairs produced in 2014
- Donated $1,900,000 to nearly 200 local, state and national non-profit organizations
- Record-breaking United Way campaign raised $1,663,848 , the largest in Maine
About L.L.Bean
L.L.Bean, Inc. is a leading multichannel merchant of quality outdoor gear and apparel. Founded in 1912 by Leon Leonwood Bean, the company 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. L.L.Bean can be found worldwide at http://www.llbean.com, Facebook, Twitter, YouTube, Pinterest, Google+ and Instagram.
A privately held company, L.L.Bean does not publicly disclose financials.
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