LL Bean profits return to pre-recession levels

AP News
Posted: Mar 08, 2013 2:08 PM

FREEPORT, Maine (AP) — L.L. Bean says its profits have returned to pre-recession levels and that workers are being rewarded with a healthy bonus.

The private retailer, which just celebrated its 100th anniversary, says profits for its fiscal year that ended last month were healthy even though sales grew only 0.5 percent to $1.52 billion. The board responded Friday by awarding bonuses of 7.5 percent of annual wages to 5,000 full- and part-time workers.

CEO Chris McCormick calls the company's performance "outstanding" but says it could have been even better.

He's joining a chorus of CEOs who are fed up with the inability of Congress and the president to find any middle ground on the federal budget. He says the constant partisan bickering and delays in finding a budget compromise have undermined consumer confidence.