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REI sales reach $2 billion in 2013

Published March 18, 2014

SEATTLE (BRAIN) — Specialty outdoor retailer and member co-op REI has reported record annual sales of $2 billion for 2013. According to its year-end earnings statement, the company's sales were up 5.9 percent from $1.9 billion in 2012.

REI's comparable store sales also grew 2.9 percent in 2013. The company's operating income was $153.3 million, up from $132.6 million in 2012. REI also reported a net income of $34.5 million, up from $26.6 million the previous year.

"I'm proud of the results our teams produced in this dynamic retail environment," said Jerry Stritzke, REI's president and CEO. "We are working hard to enhance the connection we have with our members and customers, whether through inspiration in one of our stores, an easy and satisfying experience shopping at, or engaging with us via our mobile platform."

REI's membership also grew by 840,000 in 2013. The company will pay out a dividend of $114.7 million to more than five million co-op members for the year — a 10 percent increase over 2012. Dividend refunds will be distributed to members in March.

REI opened five new stores and closed one in 2013; at the end of the year it was operating 132 stores in 33 states.

Topics associated with this article: Earnings/Financial Reports

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