FREEPORT – L.L. Bean announced last week its fiscal 2004 sales results as well as its intention to pay performance bonuses to employees.

For the 2004 fiscal year ending Feb. 27, 2005, L.L. Bean reported record annual net sales of $1.4 billion, a 9 percent increase over 2003. The company also announced that its board of directors approved a cash award of 12.5 percent of annual pay to eligible employees, and a $150 cash award to seasonal employees.

“L.L. Bean’s board of directors voted unanimously to approve a well-deserved employee bonus,” said Leon Gorman, L.L. Bean’s chairman of the board. “Our 2004 sales results are no small accomplishment, and I’m pleased to announce that we are able to reward Bean people for achieving industry-leading sales results and solid profitability in a very challenging retail environment.”

Chris McCormick, L.L. Bean’s president and CEO, described L.L. Bean’s market growth strategies including investments in retail expansion and technology initiatives.

“The company has budgeted to add six first-line retail store locations in the 2005-2007 period,” he said. “These additions will begin with a factory store conversion in West Lebanon, New Hampshire in 2005, followed by two new stores in 2006 and three in 2007.”

L.L. Bean’s board of directors approved the 12.5 percent bonus to cover nearly 4,700 eligible employees. Any employee who worked a minimum of 1,000 hours in the 2004 calendar year and who was actively employed through December 2004 will receive the performance bonus.

Nearly 5,600 seasonal employees who worked through the end of the peak season will receive the $150 cash award.

Bonus disbursements to employees will be made on Friday, March 25.