REI achieved record annual sales, hitting $2.0 billion in 2013, which is up 5.9 percent from $1.9 billion the previous year. Comparable store sales, inclusive of direct to consumer sales, increased 2.9 percent. In 2013, REI opened new stores in Overland Park, Kan.; Tyson’s Corner, Va.; Silverdale, Wash.; Jacksonville, Fla.; and Oxnard, Calif. As of year-end 2013, REI operated 132 stores in 33 states. In early 2014 REI closed its store in Brentwood, Calif.
Operating income, on a non-GAAP basis, excluding charitable donations, patronage dividends and non-comparable charges, was $153.3 million, up from $132.6 million in 2012. Likewise, net income, on a non-GAAP basis, was $34.5 million, up from $26.6 million in 2012. REI is a cooperative business with more than five million active members.
“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 REI.com, or engaging with us via our mobile platform.”
For 2013, REI declared an annual patronage refund of $114.7 million to its members, a 10 percent increase over the previous year. Patronage refunds will be distributed to REI members in March, 2014. Anyone can shop at REI but only members share in the co-op’s profits. The co-op celebrated its 75th anniversary in 2013 and welcomed more than 840,000 new members by the end of the year, said the company,
2013 REI Highlights