Page 25 - ARUBA TODAY

BUSINESS Monday 20 March 2017
A25

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