L.L. Bean Inc. plans to give 4,700 employees performance bonuses totaling 12.5% of annual pay following a record $1.4 billion in sales for the company’s 2004 fiscal year that ended Feb. 27. Nearly 5,600 seasonal employees will receive a $150 bonus.
Sales for the most recent fiscal year increased 9% over last year’s $1.3 billion in sales. Catalog, Internet and retail sales all increased. In addition, privately held Bean said the last fiscal year was its best in history for new customer acquisitions.
Looking ahead this year, Bean plans investments its customer database and for increasing the speed and efficiency of its Web site, Bean’s fastest growing marketing channel.
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