L.L. Bean Cites Interest in “Outdoor Lifestyle” for 14% Net Revenue Growth

L.L. Bean (Freeport, Maine) announced its annual net revenue for fiscal 2021 totaled $1.8 billion, a 14 percent increase from 2020, according to a company press release. The retailer cited “increased consumer interest in the outdoor lifestyle.”

The privately held company said it has also put investments in its international expansion and omnichannel strategy, as well as introduced 800 new products like footwear, apparel and equipment/gear. It also opened three new locations in the U.S. and four in Canada in 2021.

The company said it also recently invested $98 million in employee benefits including bonuses and raised the company minimum wage to $15 per hour.

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