REI signs 1m members in record year
15/03/2016
The retailer is the US’s largest consumer co-op with more than 6 million members and 145 stores.
As REI grows profitably, the co-op can invest back into the outdoors and advocate on its behalf. The Stewardship Report details that more than 1 million members joined the co-op in 2015.
REI reported record annual revenues of $2.4 billion for the year, a 9.3% increase over 2014.
Comparable store sales, which include direct to consumer sales, were up 7% and digital sales grew by nearly 23%, while total energy use was down.
Jerry Stritzke, REI CEO, said: “The health of the co-op is closely linked with the health of the outdoors. We have made good progress this year, but there is much more to do. Stewardship is a mindset that helps us to imagine the positive, lasting impact we can have together. It helps us look to the future and to think about our legacy.”
As a co-op, more than 72% of REI’s profits from 2015 will go back to members, employees and non-profit partners. A record $185.3 million will be shared with more than 6 million REI members through annual dividends and credit card rebates. Members have the option of donating their dividend to The REI Foundation, if they choose.
In 2015, REI invested in more than 1,000 outdoor places. More than $8.5 million went back to nonprofits, including large grants for the National Parks’ centennial and to increase women’s leadership in the outdoor industry, both of which are priorities for the co-op.
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