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March 10, 2009

L.L.Bean's revenue drops 8%

Annual revenues at L.L.Bean dropped nearly 8% in 2008, and an anticipated drop in sales for 2009 has the retailer preparing for layoffs.

Revenue for the company's fiscal year that ended late last month was $1.5 billion, a 7.8% drop from the previous year, the Associated Press reported. In a memo to L.L.Bean employees, CEO Chris McCormick said the expected further reduction in sales for 2009 will force the company to "resize and restructure the business," and could mean laying off some of the company's 5,000 full- and part-time employees.

McCormick said he was "cautiously optimistic" that voluntary retirement incentives would minimize the number of layoffs for the year, according to the AP.

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