FREEPORT, Maine — L.L. Bean enjoyed a small increase in sales in the past year, enough so that it’s restoring bonuses for its 5,400 eligible workers, officials said Friday.
The Maine-based retailer’s revenues grew by 1 percent, nearly flat at $1.6 billion, in a changing and challenging environment for retailers. Steve Smith, president and CEO, said in a statement that the company “performed well in a very competitive industry and a very difficult retail economy.”
The board on Friday awarded performance bonuses of 5 percent of pay for workers. Last year, there were no annual bonuses for the first time in a decade.
L.L. Bean is coming off several years of flat sales and belt-tightening that included a reduction in workforce, changes in its generous return policy, restrictions on free shipping, and a paring of product lines to refocus on the company’s outdoors roots. Last year, the company announced it plans to open L.L. Bean-branded stores in Canada as part of its strategy to return to growth.
