L.L. Bean (Freeport, ME) reported $1.8 billion in total revenue for its fiscal 2021, a 14 percent jump from the year prior as the outdoor retailer turned in one of its most successful years in company history, according to Chain Store Age.
To reward workers for their efforts, L.L. Bean’s board of directors approved a sizeable performance bonus of 20 percent annual pay for the retailer’s 5500 employees. The bonus consists of a 12 percent cash bonus and an 8 percent 401(k) contribution, the article says.
Other company highlights from 2021 include:
- Opening three new stores in the US and four in Canada
- Achieving double-digit growth in several categories, including active apparel (+36%), active footwear and hiking footwear (+26%), and outerwear (+28%)
- Raising the company minimum wage to $15/hour
Read more at Chain Store Age.