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L.L. Bean Celebrates Big Year With 20% Bonus

L.L. Bean Celebrates Big Year With 20% Bonus

Outdoor retailer L.L.Bean announced its 2021 fiscal year was one of the best in history with net revenue totaling $1.8 billion – a 14 percent increase over 2020, despite the far-reaching impacts of the Covid-19 pandemic. In recognition of these results, the L.L.Bean Board of Directors approved a performance bonus of 20 percent of annual pay for all its 5,500 employees, comprised of a 12 percent cash bonus and an 8 percent 401(k) contribution.

Based in Maine, L.L. Bean has seven stores in New York state including Albany, Amherst, Fayetteville, Lake George, Lake Grove, Victorville and Yonkers.

The company cites increased consumer interest in the outdoor lifestyle – paired with L.L.Bean’s ongoing investment in its omnichannel presence, wholesale partnerships, new product offerings and international expansion – helped contribute to the company’s strong 2021 performance.

L.L.Bean President and CEO Stephen Smith said, “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. 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.”

The company boasted double-digit growth in a range of categories, including Active Apparel – driven by the launch of its Athleisure program – Camping and Hiking, Outerwear, Winter Sports, Kids and Travel.  

A Global Team and Growing Footprint:

  • Employed 5,500+ team members globally in L.L.Bean retail stores and across offices in Maine, Costa Rica, Japan and Hong Kong
  • Opened 3 new stores in the U.S. and 4 in Canada in partnership with Jaytex Group
  • Hired 4,200 seasonal holiday employees to meet peak season demand 

L.L. Bean Says it is Investing in Employees: 

  • Invested $98 million in employee benefits, including bonuses, 401(k) contributions and enhancements, and holiday gifts
  • Proactively raised company minimum wage to $15/hour, with retail employee total compensation packages exceeding industry average
  • Employees spent 7,000+ hours outside for paid Outdoor Experience Days 
  • Launched professional development programs focused on inclusive leadership and Diversity, Equity and Inclusion in the workplace, along with Employee Resource Groups for Veterans and LGBTQAI+ employees