L.L. Bean is sharing the good fortune it experienced in fiscal year 2021 with performance bonuses for employees.
The privately-held 108-year-old outdoor retailer does not release an annual report, but did announce that its net revenue for fiscal year 2021 totalled $1.8bn. This marked a 14 per cent increase over its $1.59bn annual revenue reported in fiscal year 2020, making 2021 among the most successful years in company history despite the Covid-19 pandemic.
In recognition of these results, the L.L.Bean board of directors approved a performance bonus of 20 per cent of annual pay for its approximately 5,500 employees, comprised of a 12 per cent cash bonus and an 8 per cent 401(k) contribution. According to the retailer, increased consumer interest in the outdoors contributed to its performance.
In addition, two new independent directors joined the L.L.Bean board of directors: Diane Neal, former CEO of Sur La Table and Bath & Body Works, and Deborah Yeh, Chief Marketing Officer of Sephora Americas. Former independent director Hugh Farrington retired in 2021 after serving seven years on the L.L. Bean board of directors.
“As we weathered the ongoing impact of the pandemic, we were inspired by the number of people who continued to turn to the outdoors for respite and who trusted L.L.Bean to outfit them for their everyday adventures – proving that our brand has never been stronger,” said L.L.Bean President and CEO Stephen Smith. “Our global teams have shown incredible resilience and agility in the face of an ever-changing retail environment and never-before-seen supply chain challenges. By accurately forecasting consumer demand and securing inventory early, we were able to meet our customers’ needs, which in turn yielded one of our strongest years of growth in company history.”
