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BUSINESS                 Monday 20 March 2017
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              L.L. Bean’s sales level in 2016 as company weathers boycott



                                                                                                   board  of  directors  ap-    with  unlimited  donations.
                                                                                                   proved  a  3  percent  cash  Updated reports indicated
                                                                                                   performance     bonus   to  that  her  donations  were
                                                                                                   its   approximately   6,000  overstated  and  that  she
                                                                                                   workers,  the  company  an-  actually gave $25,000.
                                                                                                   nounced this weekend.        The reports and an ensuing
                                                                                                   “While it has been a chal-   call for a boycott amount-
                                                                                                   lenging  year  in  the  retail  ed  to  unwanted  attention
                                                                                                   environment,  our  employ-   for  a  105-year  company
                                                                                                   ees  delivered  world  class  that tries to be apolitical.
                                                                                                   service  and  products  to  The  company  had  de-
                                                                                                   our  customers,”  said  Steve  clined to say if the publicity
                                                                                                   Smith, president and CEO.    hurt sales.
                                                                                                   The  year  marked  contin-   Looking  ahead,  L.L.  Bean
                                                                                                   ued  growth  in  sales  of  the  plans to cut costs by freez-
                                                                                                   company’s  iconic  boot  ing  pensions  and  offering
                                                                                                   —  but  also  controversy  voluntary early retirements,
                                                                                                   surrounding  an  L.L.  Bean  and company officials say
                                                                                                   board  member’s  political  they are going to re-exam-
                                                                                                   contributions.               ine  its  generous  shipping
                                                                                                   The Federal Election Com-    and  return  policies.  The
                                                                                                   mission  questioned  wheth-  company  expects  to  trim
            An early version of the Maine Hunting Shoe is displayed at the L.L. Bean flagship store in Freeport,   er  a  $60,000  donation  by  the  workforce  by  about
            Maine, Friday, March 17, 2017. The company reported a slight increase in sales for 2016 and said   Linda  Bean,  founder  Leon  500  workers  through  early
            this weekend that employees will be given a 3 percent annual bonus. The family-owned com-  Leonwood  Bean’s  great-  retirement  incentives  next
            pany said annual net sales last year were $1.6 billion.                                granddaughter, to a politi-  year, officials have said.
                                                                        (AP Photo/Robert F. Bukaty)  cal action committee sup-  It’s  part  of  a  broader  look
            FREEPORT,  Maine  (AP)  —  company  weathered  a  billion  for  the  fiscal  year.     porting  Trump  exceeded  at  all  aspects  of  the  busi-
            Outdoors  specialty  retailer  boycott  over  a  relative’s  The  Freeport-based  com-  limits.                     ness.  Smith  said  the  com-
            L.L.  Bean  says  sales  were  political  contributions  in  pany  had  been  on  a  run   But the PAC’s chairman cit-  pany  is  trying  to  return  to
            flat  for  a  second  straight  support  of  President  Don-  of five consecutive years of   ed a paperwork error and  the  stronger  growth  that  it
            year  in  2016  —  a  year  in  ald Trump.                growth before 2015.          said it was supposed to be  experienced  in  the  1980s
            which  the  family-owned  Revenues  reached  $1.6  The  L.L.  Bean  family  and        registered  as  a  super  PAC  and 1990s so it can invest.q


                  Asia remains the crown jewel for Tiffany during strong 4Q




            NEW YORK (AP) — Profits at   President  Donald  Trump’s  reported  net  income  of  per-share earnings of $1.37  $446.1  million,  or  $3.55  per
            Tiffany & Co. slipped 3 per-  personal home, according  $157.8  million,  or  $1.26  per  that  industry  analysts  had  share. Revenue was $4 bil-
            cent  in  the  fourth  quarter   to Tiffany.              share,  in  the  three  months  expected,  according  to  a  lion. For fiscal year 2017, the
            due  to  flagging  U.S.  sales,   On the flip side, sales in the  ending  Jan.  31,  com-  survey by Zacks Investment  company expects its earn-
            but strong demand in Chi-    Asia-Pacific  region  rose  9  pared  with  $163.2  million,  Research.                ings  and  revenue  to  rise,
            na and Japan pushed the      percent,  thanks  to  stron-  or  $1.28  per  share,  in  the  Revenue rose 1 percent to  but did not provide specific
            luxury  jeweler  past  Wall   ger demand in China. And  same  quarter  a  year  ago.  $1.23 billion, just edging out  numbers.
            Street expectations and its   sales  in  Japan  jumped  15  Adjusted  for  asset  impair-  industry analyst projections.  Its  stock  rose  $2.44,  or  2.7
            shares rose sharply in trad-  percent.                    ment costs, per-share earns  For the year, the New York  percent, to close Friday at
            ing Friday.                  Overall,   the   company  were  $1.45,  beating  the  company  had  a  profit  of  $92.42.q
            Tiffany  has  struggled  with
            weakening sales in its big-
            gest  market  as  Americans
            and  tourists  spend  less  at
            U.S.  locations,  including  its
            flagship  store  on  Manhat-
            tan’s  5th  Avenue  next  to
            Trump Tower.
            CEO  Frederic  Cumenal,
            who was brought in to re-
            vitalize the brand, resigned
            last  month  after  less  than
            two years on the job.
            Tiffany’s    fourth-quarter
            sales  in  the  Americas  fell
            3  percent  compared  with
            the same period last year.
            Sales at the 5th Avenue lo-
            cation tumbled 7 percent.
            The  location,  a  must-stop
            for many tourists and New
            Yorkers  looking  to  spend,
            has been impeded by the
            security barricades around
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