For fiscal 2006, sales at Freeport, ME-based L.L. Bean were $1.54 billion, up 4.6% from $1.47 billion in 2005. E-commerce sales grew nearly 10% and emerged as the company’s dominant sales channel.
As a result, the cataloger/retailer of apparel, sporting gear, and home decor approved a cash award of 7.5 % of annual pay to the 4,900 eligible employees, a payout of approximately $25.5 million. Regular employees and temporary employees who worked a minimum of 1,000 hours in the 2006 calendar year and who were actively employed through December 2006 will receive the performance bonus. An additional $8.8 million will be allocated to the pension plan, keeping the plan fully funded.