L.L.Bean Announces 2024 Year-End Results and Employee Contributions

Outdoor lifestyle retailer L.L.Bean announced today the close to its 2024 fiscal year, with annual net revenue totaling $1.7 billion. In recognition of these results, the L.L.Bean Board of Directors approved a performance bonus of 6.5% percent of annual pay for its approximately 5,500 employees, comprised of a 3.5% percent cash bonus and a 3% percent 401(k) contribution.

In 2024, L.L.Bean continued to navigate a challenging retail environment impacted by inflationary headwinds and a decrease in spending in the outdoor sector. Despite this, the company saw significant gains related to strategic initiatives, including omnichannel growth and product innovation.

The company’s omnichannel growth strategy––which aims to increase access to its diverse assortment of apparel, footwear, equipment, home goods and more––continued to deliver strong returns. L.L.Bean increased its retail footprint with the opening of four U.S. stores, established 36 wholesale and independent specialty store partnerships, and 31 brand partnerships and collaborations. The company plans to open 7 more stores (6 retail and 1 outlet) in 2025.

Two of L.L.Bean’s most iconic products––the Original Field Coat and Boat and Tote––celebrated milestone anniversaries. Marking 100 years since its release, the Field Coat drove 400% new buyer growth in the category, and the beloved Boat and Tote continued to be L.L.Bean’s biggest driver of new buyers, 80 years after its introduction.

“In 2024, our company remained committed to delivering high-quality, outdoor inspired goods and exceptional customer experiences in the midst of an increasingly complex retail environment,” said Stephen Smith, L.L.Bean President and CEO. “Our global workforce demonstrated adeptness in navigating market uncertainty, and we feel confident that the business decisions and investments we made this year will positively position our company for long-term growth as we look ahead to an exciting year.”

In support of the company’s purpose to inspire and enable all people to experience the restorative power of time outside, L.L.Bean invested $6.8 million in outdoor programs and community partnerships, such as helping to send more than 8,500 underserved youth to summer camp through our camp scholarship program.

Shawn Gorman, L.L.Bean Executive Chairman of the Board and great-grandson of Leon Leonwood Bean, added: "From the 100th anniversary of the Original Field Coat to the enduring popularity of the Boat and Tote, it’s been incredible to see our most iconic goods find favor with new generations of outdoor enthusiasts. We’re grateful to our customers who looked to L.L.Bean last year and we would like to extend heartfelt gratitude to our employees worldwide. Their dedication, skill and passion for our customers and the outdoors make all the difference.

In accordance with its long-held stakeholder philosophy, L.L.Bean is committed to considering the impacts of business decisions on six key stakeholder groups: customers, employees, communities, vendors, shareholders, and the natural environment. Here are the highlights from core areas of impact in 2024:  

• Invested $6.8 million in outdoor programs and community partnerships, such as helping to send more than 8,500 underserved youth to summer camp through our camp scholarship program.
• Continued multi-year partnerships with Mental Health America, Boys & Girls Clubs of America, YMCA, National Park Foundation and Trust for Public Land.
• Partnered with Strava to launch a series of outdoors challenges that engaged 85,000 participants to spend over 1 million hours outside.

• Expanded L.L.Bean’s brick-and-mortar footprint with four new U.S. retail store openings.
• Established wholesale partnerships with Chewy, Von Maur and 34 independent specialty stores, placing L.L.Bean products in 95 new storefronts and 36 new e-commerce platforms. 
• Forged new partnership to introduce L.L.Bean to new audiences including Noah Kahan, Summersalt, Farmgirl Flowers and Harpoon.

• Stitched more than 720,000 new Boat and Totes, L.L.Bean’s No. 1 driver of new customer growth for the 3rd year in a row.
• Celebrated the 100th anniversary of the Original Field Coat, driving 400% year over year new buyer growth in the category.
• Triple digit growth in the women’s Popham Puffer, Ridgeknit Top, Cloud Gauze Shirts, Original Cotton Sweater, and men’s Lakewashed Double-Knit Top.

• Invested nearly $74 million in employee benefits, wage increases, bonuses, 401(k) contributions and enhancements, and holiday gifts.
• Employed 5,700+ team members globally in L.L.Bean retail stores and across offices (and homes) in the U.S., Costa Rica, Japan, Hong Kong and Taiwan.
• Hired 3,700 seasonal employees to meet peak holiday season demand.

• Eliminated use of PFASin new L.L.Bean-labeled products by the end of 2024.
• Continued progress toward the goal of reducing greenhouse gas emissions at L.L.Bean-owned facilities by 50% by 2025.
• Set goal to reduce full value chain carbon emissions by 25% by 2030.
• On track to achieve 80% renewable energy usage in Maine operations by 2025.