L.L. Bean restores bonus payments to staff after sales rise
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The clothing and fly fishing tackle manufacturer and retailer, L.L. Bean, has restored bonus payments to staff after reporting a sales increase in 2018.
The company’s Board of Directors approved a 5% annual pay bonus to its about 5,400 employees. Sales for the year rose one per cent from 2017 to $1.6 billion.
“Measured against corporate goals and expectations, we performed well in a very competitive and a very difficult retail economy,” said Steve Smith, the company’s President and CEO. “We are on a journey towards growing our top line and the improvement to our bottom line is a critical first step.
“Improved profitability allows us to invest in the business. Today, we thank and appreciate the hard work and dedication of our employees, the loyalty of our customers and the quality of our products and services.
“Our employees are who we are. The Board of Directors and the family are pleased that their efforts and excellence make it possible to reward them with a year-end bonus.”
As a result of upgrades to its warehouse technology, the company processed a record number of daily orders, had the highest on-time delivery and the lowest customer back-log in decades. It also continued to grow its Be an Outsider marketing campaign that attracted a notable increase in new buyers.
The company added that it intends to open one or two new stores and expand its presence in Canada in 2019. Last year, it signed an agreement with Toronto-based Jaytex Group to distribute its apparel in Canadian stores.
L.L. Bean has 48 retail outlets in 18 US states and 28 stores in Japan.