L.L.Bean sales top $1.8bn in 2021, adds to board
Outdoor company L.L.Bean announced on Monday full-year sales topped $1.8 billion in 2021, as the U.S. firm declared the twelve-month period to be one of its most successful years to date..
The Freeport, Maine-based company said total revenues for 2021 increased 14% over 2020, on the back of increased consumer interest in the outdoors during the Covid-19 pandemic. The company also credited its success to the ongoing investment in its omnichannel presence, wholesale partnerships, new product offerings and international expansion, according to a press release.
"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," said L.L.Bean president and CEO, Stephen Smith.
"Our global teams have shown incredible resilience and agility in the face of an ever-changing retail environment and never-before-seen supply chain challenges. By accurately forecasting consumer demand and securing inventory early, we were able to meet our customers’ needs, which in turn yielded one of our strongest years of growth in company history.”
The company recorded double-digit growth in a range of categories, including active apparel – driven by the launch of its athleisure program – and in its camping and hiking, outerwear, winter sports, kids and travel segments.
During 2021, L.L.Bean opened three new stores in the U.S. and four in Canada, in partnership with Jaytex Group. To date, the firm employs more than 5,500 team members globally in retail stores and across offices in Maine, Costa Rica, Japan and Hong Kong.
Coinciding with its earnings update, L.L.Bean added to two independent directors to its board of directors: Diane Neal, former chief executive officer of Sur La Table and Bath & Body Works, and Deborah Yeh, chief marketing officer of Sephora Americas.
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