Fishing sales grow at L.L. Bean
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As it reported a ‘particular’ growth in sales of its ‘heritage’ fishing and hunting categories for 2013, US-based L.L. Bean has revealed plans to makes its biggest ever single-year capital investment in the business.
The Freeport, Maine-based company will be spending an additional $100 million in 2014 on its web operation, retail expansion and business systems to ‘fuel continued growth’.
L.L. Bean President and CEO, Chris McCormick, said: “The past few years have focused on prudent management of the business and conservative growth plans. In 2014 we will be opening four new stores, expanding our signature product line and growing the brand as we see continued strengthening of the economy.”
The company has also announced plans to pay an 8% bonus to its 5,000 full and part-time employees.
“L.L. Bean has performed very well in a marketplace that continued to struggle – with economic uncertainty, political distractions and shaky consumer confidence,” added McCormick. “The company’s solid performance in fiscal 2013 was the result of a lot of hard work and dedication of our employees. The positive performance was also an outcome of strategies and investments put in motion in 2010 while the economy was still in recession.”
In addition to the bonus, L.L. Bean announced that it will be making an additional contribution of $40 million to fully fund its defined benefit pension programme. Combined with the bonus, the company says it represents a $78.5 million investment in its workforce.