L.l. Bean prepared to invest US$100M

Coming off record profits and four years of revenue growth, L.L. Bean Inc. is set to make the biggest one-year capital investment in its 102-year history, the firm’s chief executive said Friday. Chris McCormick told workers that the Mainebased retailer has been conservative for the past few years and is now ready to “accelerate our growth plans and grab market share.” That plan includes pumping an additional US$100-million into its website, retail expansion and business systems, he said. “The past few years have focused on prudent management of the business, conservative growth plans and getting our organization ready to compete in a changing marketplace. The investments we’ve made position us well as we take this next step,” he told the company’s 5,100 fulland part-time workers. L.L. Bean finished its fiscal year ended last month with sales of US$1.56-billion, a 3% gain over last year.