Company’s first store is at the Amazing Brentwood.
A fashion giant that made its first move into Burnaby in 2021 has seen its fortunes turn around amid COVID-19 while other local retailers haven’t been so lucky.
Outdoor retailer L.L.Bean announced Friday details about the close to its 2021 fiscal year, with annual net revenue totaling $1.8 billion – a 14 percent increase over 2020, “making it one of L.L.Bean’s most successful years in company history despite the far-reaching impacts of the Covid-19 pandemic,” said a news release.
L.L.Bean opened its first Burnaby store at the Amazing Brentwood in 2021 – one of four opened in Canada last year – and local employees are set to reap the rewards, according the company.
“In recognition of these results, the L.L.Bean Board of Directors approved a performance bonus of 20 percent of annual pay for its approximately 5,500 employees, comprised of a 12 percent cash bonus.”
L.L.Bean President and CEO Stephen Smith said of the company’s results, “As we weathered the ongoing impact of the pandemic, we were inspired by the number of people who continued to turn to the outdoors for respite and who trusted L.L.Bean to outfit them for their everyday adventures – proving that our brand has never been stronger. Our global teams have shown incredible resilience and agility in the face of an ever-changing retail environment and never-before-seen supply chain challenges. By accurately forecasting consumer demand and securing inventory early, we were able to meet our customers’ needs, which in turn yielded one of our strongest years of growth in company history.”
Burnaby has seen a wave of retailers close during the pandemic, including Davids Tea, Frank & Oak and Microsoft.