L.L.Bean sees 2009 revenue drop
Net revenues at L.L.Bean dropped more than 6% in 2009, but 2010 sales so far have been strong, company officials reported Friday.
Revenues dropped from $1.5 billion in 2008 to $1.4 billion in 2009, a 6.6% decrease, according to a company memo and the Portland Press Herald. In the memo, company President Chris McCormick said the drop was expected, the result of a slow spring and a crucial holiday season that failed to meet expectations. Despite the year-end slump, the Freeport-based company was able to beat budgeted profitability levels and announced a 3% cash bonus for about 5,000 employees, to be paid out later this month, according to the memo.
L.L.Bean so far in 2010 has seen its "best January and February in years," McCormick said in the release. He called 2010 "a rebuilding and reinvesting year," and said the company plans to continue expanding in China, growing its web sales and attracting younger buyers to the brand.
Go to the article from the Portland Press Herald >>
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