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Higher sales in 2011 for REI

15/03/2012
Outdoor gear and clothing retail co-operative REI has announced its full-year figures for 2011. The Seattle-based co-operative achieved sales of $1.8 billion for the year, up 8.4% from the figure for 2010. Operating income was $116.2 million, slightly down from the previous year, for which the figure was $116.6 million.

“We experienced strong sales in 2011. However, because winter weather failed to arrive, our profitability was impacted,” said executive vice-president, Brian Unmacht. “Looking ahead, our underlying strong financial position allows us to continue our growth plans and invest in ways that make it easy for customers and members to shop REI however they wish: online, on the go or in one of our stores.”

While anyone can shop with REI, the company shares its profits with its members through an annual patronage refund in proportion to their eligible purchases. Based on the co-op’s 2011 performance, $99.8 million in patronage refunds will be distributed to 4.7 million active members in March.

The co-op’s financial performance also benefits the communities where it has a presence. Last year, it invested $4.48 million in conservation projects and granted $500,000 to the REI Foundation, an independent non-profit organisation established in 1993. The foundation supports efforts to increase diversity and youth participation in the outdoors.  

REI also shares its profits with employees in recognition of their contributions to annual performance. The 2012 distribution includes $14.9 million in performance incentives and a $13.2 million contribution for retirement and profit sharing.

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