L.L.Bean Announces 2023 Year-End Results & Employee Contributions

Outdoor retailer L.L.Bean announced today the close to its 2023 fiscal year, with annual net revenue totaling $1.7 billion – the company’s third highest revenue mark in history. In recognition of these results, the L.L.Bean Board of Directors approved a performance bonus of 9 percent of annual pay for its approximately 5,600 employees, comprised of a 5 percent cash bonus and a 4 percent 401(k) contribution.

After record breaking years fueled by pandemic buying trends, 2023 missed the company’s budget goals and sales were down slightly year-over-year. However, in the face of significant headwinds felt across U.S. retail, L.L.Bean navigated supply chain challenges and ensured steady inventory and timely fulfillment, including during the critical peak holiday season.

The year was also marked by continued investment in the company’s omnichannel growth strategy, increasing accessibility to its assortment of outdoor gear, apparel, footwear, equipment, home goods and more. Those investments included the opening of four retail stores in the U.S. and Canada – including its first in Quebec in partnership with Jaytex Group – increasing the company’s retail footprint in North America to 58 stores in the United States and 13 stores in Canada. Additionally, L.L.Bean launched a French-language e-commerce site for Canadian customers, integrated in-store and e-commerce product distribution options (such as buy online, pick up in store), introduced new wholesale partnerships, and expanded mobile selling experiences, enabling the brand to reach more customers throughout more geographic regions.

Channel diversification helped the retailer to chart year-over-year growth in key product categories, including outerwear, sweaters, and denim. L.L.Bean also expanded its inclusive sizing program to include gear and equipment as part of its goal to create greater accessibility to outdoor activities.

“2023 was a challenging year across the outdoor specialty retail industry and we were not immune to the headwinds. However, we are encouraged by the return on our omni-channel investments and the momentum that has created,” said Stephen Smith, President and Chief Executive Officer of L.L.Bean. “We’re grateful for our customers, who, despite the challenges posed by downward economic forces, again showed unwavering trust and loyalty in L.L.Bean. I also commend our global teams for continuing to innovate, collaborate and problem-solve to deliver products that people love – further building emotional connection and loyalty – with the care and service our brand is known for.”

Despite the slowdown in sales, the company’s fiscal performance fueled $5.7 million in contributions to a number of outdoor and community-based nonprofit organizations in 2023. These gifts helped L.L.Bean fulfill its purpose, enabling people of all ages and backgrounds to experience the restorative power of time outside.

"In a world of growing complexity, we're even more attuned to nature's pivotal role in nurturing wellbeing and resilience,” said Shawn Gorman, L.L.Bean Executive Chairman of the Board and great-grandson of founder Leon Leonwood Bean. “Alongside our purpose to inspire and enable people to experience the restorative power of being outside, our dedication to quality and customer service continues to make L.L.Bean a leading outdoor retailer. Our people can be proud of the meaningful impact they have in our communities and the lives of our customers.”