Despite uncertainty in retail markets due to inflation and recession worries, L.L. Bean Friday announced net revenues of $1.8 Billion in 2022, its second-best year since being founded 110 years ago.
The outdoor retailer reported record sales of apparel, with triple-digit growth in comfort wear in 2022. The iconic Bean Boot celebrated its 110th anniversary, fueling a 24% increase in boot sales. The company says it also experienced double-digit sales gains in travel gear, as consumers continue to prioritize outdoor activities after the pandemic.
L.L. Bean says it will reward its 5,500 employees with a bonus of 13.5% of annual pay.
Moving forward, the retailer says it plans to eliminate the use of PFAS in its name-brand products by the end of 2024, and is using more sustainable down, cotton, nylon, and polyester. L.L. Bean says it will also replace plastic packaging with recycled paper for most of its customer shipments.
