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LL Bean Has Record Year, Plans $100M in Spending
03/07/2014 11:15 AM ET  

L.L. Bean said it had a record year for profits and saw revenue growth of 3 percent.

PORTLAND, Maine (AP) _ CEO Chris McCormick told workers on Friday that after four consecutive years of growth, the Maine-based retailer is ready to accelerate expansion plans. He said the privately held company plans its largest single-year capital investment and will spend an additional $100 million on website changes, retail expansion and business systems.

The company's performance beat the industry average.

L.L. Bean's board was happy enough with the revenue gain to authorize an 8 percent bonus for full-time workers. That's the biggest bonus since 2005.

In a memo to Bean's 5,100 full- and part-time workers, McCormick said the company has been conservative for the past few years and is now ready to "grab market share."

(Copyright 2014 by The Associated Press. All Rights Reserved.)


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