COMP NEWS – Outdoor retailer L.L. Bean is distributing some of the profits from its 14% revenue increase in 2021 by allocating new bonuses for employees. The company is offering a one-time performance bonus that amounts to 20% of annual pay per employee.
The privately-held 108-year-old outdoor retailer does not release an annual report, but did announce that its net revenue for fiscal year 2021 totaled $1.8 billion. This marked a 14% over its $1.59 billion annual revenue reported in fiscal year 2020, making 2021 among the most successful years in company history despite the COVID-19 pandemic.
The 20% bonus consists of two components, a 12% case bonus and an 8% 401k contribution.
In recognition of these results, the L.L.Bean board of directors approved a performance bonus of 20% of annual pay for its approximately 5,500 employees, comprised of a 12% cash bonus and an 8% 401(k) contribution. According to the retailer, increased consumer interest in the outdoors contributed to its performance.
L.L. Bean’s bonuses will serve to increase employee morale and promote retention, aiding the company in its attempt to maintain momentum rolling through 2022. The president and CEO of the company, Stephen Smith, made the following statement regarding the success of the company in 2021.
“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.”
To read more about L.L. Bean’s performance bonuses, click here.
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