Citing inflation and decreased consumer spending, L.L.Bean’s revenue was flat year-over-year at $1.7 billion in 2024.
As part of its omnichannel growth strategy, the retailer:
- Grew its retail footprint with four new U.S. stores in 2024 and plans to open another seven in 2025.
- Inked 36 wholesale and specialty retail partnerships through the course of the year, including Chewy and Von Maur, which put the brand’s products in 95 new storefronts and 36 new ecommerce sites.
- Created 31 brand partnerships and collaborations with performers and brands such as Noah Kahan, Summersalt, Farmgirl Flowers, and Harpoon.
The Original Field Coat drove 400% new buyer growth in the category, according to a news release. And the Boat and Tote bag is sill another customer favorite and the brand’s biggest driver of new customers for the third year in a row. Other popular products included the women’s Popham Puffer, Ridgeknit Top, Cloud Gauze Shirts, Original Cotton Sweater, and men’s Lakewashed Double-Knit Top.
“From the 100th anniversary of the Original Field Coat to the enduring popularity of the Boat and Tote, it’s been incredible to see our most iconic goods find favor with new generations of outdoor enthusiasts,” said Shawn Gorman, executive chairman of the board and the great-grandson of Leon Leonwood Bean. “We’re grateful to our customers who looked to L.L.Bean last year and we would like to extend heartfelt gratitude to our employees worldwide. Their dedication, skill and passion for our customers and the outdoors make all the difference.”
L.L.Bean’s board of directors approved a performance bonus of 6.5% of salaries for its approximately 5,500 employees, with 3.5% in cash and 3% in 401(k) contributions.
“In 2024, our company remained committed to delivering high-quality, outdoor inspired goods and exceptional customer experiences in the midst of an increasingly complex retail environment,” said Stephen Smith, L.L.Bean president and CEO. “Our global workforce demonstrated adeptness in navigating market uncertainty, and we feel confident that the business decisions and investments we made this year will positively position our company for long-term growth as we look ahead to an exciting year.”
In December, L.L. Bean announced it was reducing its workforce for the second time in 2024.
