FREEPORT, Maine (AP) — Outdoors clothing retailer L.L. Bean says sales dipped again in 2009 but the company managed to beat its own projections. The company also said online sales beat catalog orders for the first time.
President and CEO Chris McCormick told employees Friday that revenue for the fiscal year that ended last month was about $1.4 billion, down from $1.5 billion the year before. Still, employees will get a 3 percent bonus.
The second straight drop in sales capped a challenging year for the Maine-based company. The company’s revenues have declined only four times since 1960.
McCormick says that in 2010 the company will invest in building its online presence, opening more stores in China and attracting younger customers to the brand.