With net income of approximately $1.6 billion, LLBean sets a decade of sales growth record

Maine - based outdoor retailer L.L. Bean recorded its best annual sales growth in nearly a decade as Americans yearned to get outdoors during the pandemic .

Total annual net revenues: $1.59 billion

LLBean, which specializes in clothing and outdoor leisure equipment , recently reported that LLBean's annual net revenue totaled US$1.59 billion, a 5% increase from 2019, the highest sales growth level since 2011 .

The outdoor retailer attributed its increased earnings to a resurgence in outdoor activities during the pandemic , as well as L.L.Bean's further expansion of its omnichannel business over the past few years .

"The past year has redefined our lives in so many ways, and as more people turn to the outdoors for recreation , our company's purpose has become even more important," said Stephen Smith, president and CEO of L.L.Bean, in a statement . " Despite the 10-week closure of our retail stores, we have been able to provide our customers with the apparel, merchandise and gear they need thanks to our dedicated team and omnichannel advancements . "

LL Bean closed all of its stores for 100 days, but online sales were strong, Smith told the Associated Press . Sales were boosted in May and June by a surge in demand for bicycles, canoes, kayaks, outdoor furniture and hammocks.

LLBean adds 1 million new customers

LLBean has benefited from two of the hottest retail segments during the pandemic : comfort items like slippers, pajamas and loungewear, and outdoor gear like hiking boots, fishing gear and canoes.

Smith estimates that LLBean has gained 1 million new customers during the pandemic. Additionally, Smith said the company has seen solid growth in Canada. Throughout 2020, the company has made significant progress in continuing to support its employees, customers, communities and advance its sustainability efforts.

The Outdoor Industry Association estimates that nearly 8 million more people tried camping in 2020 compared to the previous year, 8.1 million more people went hiking and more than 3 million more people tried freshwater fishing .

Looking ahead, LLBean expects strong sales momentum to continue this spring , outdoor recreation will continue to benefit after the pandemic ends, and the company believes that changes in consumer purchasing habits may be permanent.

"People's habits have changed, and in this time of heightened anxiety and stress, outdoor , active, and leisure time has the power to restore energy, " Shawn Gorman , the company's executive chairman, told the Associated Press .

LLBean

outdoor

USA