Bean enjoyed a small increase in sales in the past year, enough so that it’s restoring bonuses for its 5,400 eligible workers, officials said Friday. The Maine-based retailer’s revenues grew by 1 per cent, nearly flat at $1.6 billion, in a changing and challenging environment for retailers. The upgrades and cost-cutting led to improved profits — which were above projections and significantly better than the previous year — that will help L.L. It’s been a challenging period for many retailers, especially clothing retailers, said Marshal Cohen, an analyst at NPD Group. Millennials are now starting to have families and some aging baby boomers are spending less, causing new spending patterns that favour tech over apparel.

Source: National Post March 15, 2019 15:11 UTC