L.L. Bean reported a 14% increase in annual net revenue to $1.8 billion, which is reportedly the company’s biggest gain since 1993 and adds to last year’s 5% growth.
During the year, L.L. Bean entered the athleisure market, which is estimated to reach $257.1 billion by 2026.
With more than 800 new products, the apparel company recorded double-digit growth in a variety of segments.
- Active apparel: +36%
- Active footwear and hiking footwear: +26%
- Outerwear: +28%
- Winter sports: +25%
L.L. Bean said active apparel growth was driven by its new athleisure offerings. It joins other companies that have recently entered the market including Abercrombie & Fitch, Allbirds, Target, Dick’s Sporting Goods, and Foot Locker.
Spending Habits
CEO Steve Smith highlighted the company’s increased volume of orders from vendors, as consumers’ purchasing habits at the beginning of the pandemic skewed toward outdoor gear.
L.L. Bean also hit an all-time demand record for both men’s and women’s apparel. In return, the company’s board of directors approved a bonus of 20% of annual pay for all employees.
