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REI announces record revenues and record member dividends for 2016

Published March 16, 2017

SEATTLE, Wash. (BRAIN) — REI revenues were up 5.5 percent last year, to $2.56 billion. The co-op returned a record $193.7 million in member dividends and credit card rebates and gave back nearly 70 percent of its profits to outdoor community projects and organizations.

The co-op said comparable store sales were up 4 percent for the year while digital sales grew by nearly 18 percent. The company said it has made organization-wide efforts to reduce energy use, including the opening of what it claims is the country's "most sustainable distribution center." It said that since 2008 its energy draw from the grid has grown only 4 percent, while sales are up 78 percent since then.

REI CEO and president Jerry Stritzke said, "There is no doubt that the current retail landscape is challenging, but we had another good year ... 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."

REI donated $9.3 million to more than 300 nonprofit partners last year. The co-op also launched five "Rewilding Projects" – a multi-year program focused on reshaping how people in large urban and suburban areas connect with the outdoors. REI is collaborating with nonprofits in five cities on the projects.

In addition to its online business, REI has about 147 stores in the U.S.

Topics associated with this article: Earnings/Financial Reports

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