L.L. Bean reports record sales in 2006 |
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Fri, 09 Mar 2007 21:47
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FREEPORT, Maine (AP) - Privately-held retailer L.L. Bean Inc. reported record fiscal 2006 sales and approved a cash bonus for its employees on Friday.L.L. Bean said its 2006 revenue grew 5 percent to $1.54 billion, despite the negative impact of unseasonably warm weather on sales in December and early January.The company will award cash bonuses equal to 7.5 percent of annual pay to more than 4,900 eligible employees. The bonus award is expected to total about $25.5 million.The company said an additional $8.8 million will be allocated to fully fund its pension plan.In fiscal 2007, L.L. Bean plans to invest $90 million in revamping and expanding operations at its headquarters in Freeport, Maine.The company also plans to open three new stores in Connecticut, New York and Massachusetts this year and explore expansion in international markets, including Canada.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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