Mar 16, 201704:01 PMBlog
Record revenues in 2016 for REI
Outdoor retail co-op REI has announced record revenues for last year, with its $2.56 billion haul a 5.5 percent increase from 2015.
“There is no doubt that the current retail landscape is challenging, but we had another good year,” said REI President and CEO Jerry Stritzke. “I am grateful to our employees, our members and our customers for their passion and commitment to the co-op community. Your involvement and commitment to REI allows us to do things like help build the nation’s trail network, protect public lands, and innovate in sustainability. Together we can continue to keep the outdoors healthy and accessible for the next generation.”
Comparable store sales, which include direct to consumer sales, were up nearly 4 percent and digital sales grew by nearly 18 percent. And sales climbed while REI’s investment in helping the environment grew in lockstep; the Kent-based co-op invested a record $9.3 million in nonprofit partners in 2016, which in turn benefited more than 1,000 outdoor places across the country. REI also opened the country’s most sustainable distribution center, and since 2008, the company’s demand for energy from the grid has grown only 4 percent while sales have grown 78 percent.
The robust year translated in more for the co-op’s employees, as well: REI members received a record $193.7 million in annual dividends and credit card rebates.