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About L. L. Bean, Inc.

With L.L. Bean, you can tame the great outdoors -- or just look as if you could. The iconic century-old retailer sells apparel, outerwear, sportswear, housewares, footwear, hunting and fishing gear, camping and hiking gear, and the Maine hunting boot upon which the company was built. L.L. Bean operates 40 stores in 17 states in the US, more than 25 stores in Japan, and a new store in Canada (developed through an agreement with Canadian company Jaytex Group). Its 220,000-square-foot flagship store in Freeport, Maine is open 24 hours a day, 365 days a year, attracting 3 million visitors annually. The company also sells its products online and through catalogs. L.L. Bean was founded in 1912 by Leon Leonwood Bean and is controlled by his descendants.

Financial Performance

L.L. Bean rang up 1% more sales in fiscal 2018 (ended February 2019) over 2017, posting $1.6 billion in revenue for the year. 

Strategy

Building on its strong reputation as an outdoor retailer, L.L. Bean is seeking to expand its profile both in the US and internationally. The company is also investing in operational efficiencies and tightening its belt on certain company policies. 

The company has been growing its number of retail stores to boost sales. The company opened its first store in Canada in 2019 through a partnership with Jaytex Group. The agreement also places selected L.L. Bean products in Canadian retailers including Hudson's Bay and Sporting Life. In addition, L.L. Bean opened a new store in Tokyo, its first urban retail store in Boston, and its first store in Utah. 

High profile marketing campaigns have attracted new customers. One recent campaign with coworking company Industrious created an outdoor coworking space branded "Be An Outsider at Work" to encourage people to appreciate the outdoors. The campaign visited a number of cities including New York City, Boston, Philadelphia, and Madison, Wisconsin.  

An upgrade of L.L. Bean's internal legacy technology and warehouse systems helped the company hit a record-setting total of daily orders processed, as well as the company's highest on-time delivery and lowest customer backlogs in decades. 

The company changed a longstanding return policy to cut fraudulent and abusive returns. L.L. Bean's well known generous return policy, which previously had "no end date," cost the company $250 million in fraudulent returns in the past five years prior to the change. Some customer backlash ensued, including a customer who has sued the company claiming a breach of warranty. Also in 2018, the company cut 100 jobs following flat sales. 

  

L. L. Bean, Inc.

15 CASCO ST
Freeport, ME 04033-0002
Phone: 1 (207) 552-2000

Stats

Employer Type: Privately Owned
SVP and CFO: Mark Fasold
Chairman: Shawn Gorman
President and CEO: Stephen Smith
Employees (This Location): 3,000
Employees (All Locations): 5,000

Major Office Locations

Freeport, ME

Other Locations

South Windsor, CT
Skokie, IL
Burlington, MA
Mansfield, MA
Brunswick, ME
Ellsworth, ME
Freeport, ME
Portland, ME
Clinton Township, MI
Concord, NH
North Hampton, NH
West Lebanon, NH
Fayetteville, NY
Victor, NY
Center Valley, PA
Pittsburgh, PA
Cranston, RI
Mc Lean, VA
Richmond, VA
Kyoto, Japan
Musashino, Japan