L.L. Bean has record year, plans $100M in spending

11:02 AM, Mar 7, 2014   |    comments
Photo: L.L. Bean
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FREEPORT, Maine (AP) -- L.L. Bean says it had a record year for profits and saw revenue growth of 3 percent.

CEO Chris McCormick told workers on Friday that after four consecutive years of growth, the Maine-based retailer is ready to accelerate expansion plans. 

He said the privately held company plans its largest single-year capital investment and will spend an additional $100 million on website changes, retail expansion and business systems.

The company's performance beat the industry average.

L.L. Bean's board was happy enough with the revenue gain to authorize an 8 percent bonus for full and part-time employees. That's the biggest bonus since 2005.

In a memo to Bean's 5,100 full- and part-time workers, McCormick said the company has been conservative for the past few years and is now ready to "grab market share."

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