L.L.Bean Board of Directors approved a performance bonus of 13.5 percent of annual pay for its approximately 5,500 employees, per a company news release.
FREEPORT, Maine — The iconic Maine outdoor and apparel retailer celebrates the second-best earning year in its 110 years in business.
L.L.Bean generated $1.8 billion in revenue for 2022, yielding the second-highest profit margin in the company’s history following record-breaking sales growth in 2020 and 2021, per a media release Saturday by L.L.Bean, Inc Manager of Public Affairs Jason Sulham.
The company’s success and growth are attributed to investment in its omnichannel strategy, which Sulham said enables the outdoor retailer to reach “new and current customers through e-commerce, brick-and-mortar stores, international expansion, wholesale partnerships, mobile selling experiences, L.L.Bean for Business, and it’s signature L.L.Bean catalog.”
Sulham said the retailer implemented other ways to retain its following and attract new shoppers through its commitment to body inclusivity. L.L.Bean now offers more styles and sizes for all body types ticketed at the same price point.
The company also expanded top-performing categories, like its active and rugged product lines, which include clothing, footwear, gear, and accessories.
The strategy propelled the men’s and women’s apparel categories to new heights with a combined all-time sales record in 2022. The company also saw double-digit sales in the boots, travel, inclusive sizing, and fishing categories.
“Wicked Good Slippers continued to be the company’s top-selling product, with eight pairs sold per minute during the peak holiday season,” Sulham added.
“Our team’s ability to ensure our customers were outfitted and cared for helped yield another strong year for our company,” L.L.Bean President and CEO Stephen Smith added. “We are honored to have been the retailer of choice for so many customers who turned to L.L.Bean to outfit them for outdoor adventures.”
The great-grandson of founder Leon Leonwood Bean and L.L.Bean Executive Chairman of the Board Shawn Gorman said, “on behalf of the family and Board of Directors, I want to thank our employees for their hard work and dedication during our 110th year in business.”
Sulham said the L.L.Bean Board of Directors approved a performance bonus for its approximately 5,500 employees, totaling 13.5 percent of annual payments to celebrate the second-best earnings year in the company’s history.