Despite uncertainty in the retail markets due to inflation and recession concerns, LL Bean Friday posted net income of $1.8 billion in 2022, its second-best year since its founding 110 years ago.
The outdoor retailer reported record apparel sales, with triple-digit growth in comfort apparel in 2022. The iconic Bean Boot celebrated its 110th anniversary, fueling a 24 percent increase in boot sales. The company says it also experienced double-digit growth in sales of travel gear, as consumers continue to prioritize outdoor activities post-pandemic.
LL Bean says it will reward its 5,500 employees with a 13.5 percent annual salary bonus.
Moving forward, the retailer says it plans to eliminate the use of PFAS in its name-brand products by the end of 2024 and use more sustainable down, cotton, nylon and polyester. LL Bean says it will also replace plastic packaging with recycled paper for most customer deliveries.
This article appears through a media partnership with Maine Public.