L.L.Bean Announces 2022 Year-End Results and Employee Contributions

L.L.Bean Announces 2022 Year-End Results and Employee Contributions 

5 Min. Read | Inside L.L.Bean | Current Stories

Iconic outdoor retailer L.L.Bean announced today the close to its 2022 fiscal year, with annual net revenue totaling $1.7 billion. Following record-breaking sales growth in 2020 and 2021, the company saw a slight decrease in revenue in 2022 but held onto recent gains to yield its second-strongest revenue performance in company history. In recognition of these results, the L.L.Bean Board of Directors approved a performance bonus of 13.5 percent of annual pay for its approximately 5,500 employees, comprised of a 7.5 percent cash bonus and a 6 percent 401(k) contribution.

In its 110th year in business, the company credited ongoing investment in its omnichannel strategy as a key contributor to mantaining solid sales - reaching new and current customers through e-commerce, brick-and-mortar stores, international expansion, wholesale partnerships, mobile selling experiences, L.L.Bean for Business, and its signature L.L.Bean catalog.

L.L.Bean also made significant investments in expanding top-performing categories, including its Active and Rugged product lines, which span footwear, apparel, gear and accessories. The company also expanded its longstanding inclusive sizing program, introducing more styles in a variety of size options for all body types (tall, petite and plus) and instituted a one-price model for apparel as part of its commitment to inclusivity and equity in the outdoors.

"As we close the books on 2022, we are honored to have been the retailer of choice for so many customers who turned to L.L.Bean to outfit them for outdoor adventures," said L.L.Bean President and CEO Stephen Smith. "Our global teams continued to skillfully navigate a changing retail environment and uncertain economic climate. From amazing products that delivered on innovation, function and style to accurate inventory forecasting, supply chain agility, efficient fulfillment systems, engaging marketing and storytelling efforts, and industry-leading customer service - our team's ability to ensure our customers were outfitted and cared for helped yield another strong year for our company."

As part of its performance, L.L.Bean's Men's and Women's apparel set a new combined record for all-time sales. The company also experienced double-digit growth in several categories across its assortment, including Travel (+23%), Boots (+24%), Inclusive Sizing (+15%) and Women's Swim (+10%), with Fishing also reaching an all-time sales record (+5%). Wicked Good Slippers continued to be the company's top-selling product, with eight pairs sold per minute during peak holiday season. Additionally, the company reached new audiences as the "Ironic Boat and Tote" trend helped drive sales of the company's iconic canvas bags to a 10-year high.

Shawn Gorman, L.L.Bean Executive Chairman of the Board and great-grandson of founder Leon Leonwood Bean, added: "On behalf of the family and Board of Directors, I want to thank our employees for their hard work and dedication during our 110th year in business. We look forward to continuing to invest in our purpose, our people, our customers, our communities and our environment so we can all experience firsthand the restorative benefits of time spent outside."

2022 Highlights:

Total Employee Investment and Reach 

• Invested $55 million in employee benefits, including wage increases, bonuses, 401(k) contributions and enhancements, and holiday gifts 
• Employed 5,500+ team members globally in L.L.Bean retail stores and across offices (and homes) in Maine, Costa Rica, Japan, Hong Kong and Taiwan 
• Hired more than 4,000 seasonal employees to meet peak season demand

Employee Wellbeing and Career Growth 

• Employees spent more than 73,000 hours outside for paid Outdoor Experience Days and participated in 134 Outdoor Discovery courses 

Celebrating the Classics 

• Celebrated the 110th anniversary of the Maine Hunting Shoe, the boot that started it all 
• Marked the 40th anniversary of the L.L.Bean Book Pack, an icon that has been worn by millions of students since its debut

Top Performing Products

• Men's and Women's apparel sales reached an all-time high
• Wicked Good Slippers continued to be our top selling product, with 8 pairs sold per minute during peak holiday season
• Travel was our fastest growing category at +23%, and cozy apparel such as Quilted Sweatshirts and Wearable Throws experienced triple-digit growth, at +112% and +252% respectively
• Fishing reached an all-time high, with +13% growth in Technical Fishing Apparel

Inclusive Sizes and Styles 

• Experienced a 15% YOYincrease in demand for our extended sizing collection, with plans to introduce more size options across more categories in 2023 and beyond 

Expanding Customer Touchpoints

• Announced the L.L.Bean Flagship Experience, a multi-year, $50+ million project to reimagine our Flagship Store and Retail Campus in Freeport, Maine, creating a more immersive customer experience and underscoring our commitment to our hometown
• Opened 2 L.L.Bean stores in the U.S. and 1 store in Japan, as well as 5 stores in Canada in partnership with Jaytex Group
• Took L.L.Bean's Mobile Selling Experience on the road, traversing 12 states and 5,000+ miles in the Bootmobile, creating 65,000 in-person customer experiences

Advancing Diversity, Equity and Inclusion

• Established Employee Business Resource Groups for Veteran, LGBTQ+ and BIPOC employees, intended to provide connection, development, retention, recognition and celebration of cultural moments, and provide guidance on key business insights 
• Recruited 40% of our interns from underrepresented groups 
• Held 30 listening sessions and discussion groups through the year, with topics including racism in the outdoors, unconscious bias and inclusive leadership 

Our Charitable Partners, Commitments and Impact

• Invested $5.5 million in outdoor programs and community partnerships, enabling 18 million people to experience the restorative power of time outside
• Launched a two-year, $500,000 partnership with Mental Health America to fund community programs and grants aimed at creating connection, inclusion and wellbeing in the outdoors

Investing in Sustainable Practices and Material Use 

• Committed to eliminating the use of PFAS in L.L.Bean-labeled products by the end of 2024 
• Continued to use 100% Responsible Down in all down products, and over the past 5 years, increased the use of Responsible Cotton, Recycled Nylon and Recycled Polyester by 80%, equating to 1.7 million pounds of material converted to these preferred options
• Eliminated 600,000 pounds of plastic by shifting to recyclable paper packaging on 75% of outbound goods

To read more about the company's 2022 results, view the  L.L.Bean 2022 Year-in-Review. 

L.L.Bean, Inc. is a leading multichannel merchant of quality outdoor gear and apparel. Founded in 1912 by Leon Leonwood Bean, the company began as a one-room operation selling a single product, the Maine Hunting Shoe. Still family owned, Shawn Gorman, great grandson of Leon Leonwood Bean, was named Chairman of the Board of Directors in 2013. While its business has grown over the years, L.L.Bean continues to uphold the values of its founder, including his dedication to quality, customer service and a love of the outdoors. In 2022, L.L.Bean donated $5.5 million to outdoor and community-enriching organizations focused on increasing access to and inclusivity in the outdoors. L.L.Bean operates 56 stores in 19 states across the United States, along with 25 stores in Japan and 12 stores in Canada, in partnership with Jaytex Group. The 220,000-sq. ft. L.L.Bean retail store campus in Freeport, ME, is open 24 hours a day, 365 days a year and welcomes more than 3 million visitors every year. L.L.Bean can be found worldwide at  www.llbean.com,  Facebook,  Twitter,  YouTube,  Pinterest, and  Instagram.