NW outdoor co-op REI boasting record sales, membership
Apr 11, 2019, 5:39 AM
Kent-based outdoor store REI is boasting record numbers for 2018 from all-time high sales to new members.
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According to the company’s most recent stewardship report and financial reporting, REI pulled in a record $2.78 billion in 2018. The company grew by 6 percent, while attracting more than 1 million new members. REI is now composed of more than 18 million members.
The numbers are up from last year, when REI hyped $2.62 billion in sales (for 2017) and more than 17 million members — another record year.
“Today’s results show that doing good is good business,” said REI’s interim president and CEO Eric Artz. “We have a strong foundation, but we must do more. As a community, we must confront the serious problems facing society.”
“Most of the U.S. population is disconnected from nature, spending more time inside than outdoors,” he said. “We need to reverse that trend. Spending time outside isn’t only good for people’s health. It connects people to something bigger – a desire to fight for the future of life outside.”
Also reported, the company invested $8.4 million in 431 non-profits, and gave $204 million in member dividends and credit card rewards. A total of $77 million went back to employees in the form of profit-sharing and retirement.
The sales bump is being attributed to general sales in stores and online — a rise of 4.8 percent year-over-year. There was also double-digit growth in the store’s adventure travel and day programming, according to an REI spokesperson.
The outdoor company is now looking to expand its used-gear and rental departments. A statement from the company notes that a significant portion of the millennial market (36 percent) prefer to rent than own.
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