Revenues rise 6% at L.L.Bean
Freeport-based retailer L.L.Bean saw a nearly 6% increase in sales in 2010, marking the first upswing in two years.
The company reported a 2010 revenue of $1.44 billion for the fiscal year that ended Feb. 27, a 5.7% jump over 2009's $1.37 billion, according to The Associated Press. As a result, the company gave 5% bonuses to its 5,000 year-round employees, spokeswoman Carolyn Beem told The AP. Revenues had been on the decline for two years and still have not rebounded to pre-recession levels. The company saw strong growth in online sales, which outpaced catalog sales for the first time in 2009, and increased 29% in 2010. Beem told The AP the increases are a result of growing consumer confidence.
The company reported a more than 6% drop in revenues from 2008 to 2009.
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