Welcome!

News Feed Item

REI Sales Top $2 Billion In 2013

More than $114 million shared with members through annual dividend

SEATTLE, March 17, 2014 /PRNewswire/ -- REI, the nation's leading specialty retailer of quality outdoor gear and apparel, achieved record annual sales of $2.0 billion in 2013, up 5.9 percent from $1.9 billion the previous year. Comparable store sales, inclusive of direct to consumer sales, increased 2.9 percent. 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.

REI Logo.

"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."

Members Share in the Co-op's Profitability

REI shares the majority of its operating income with its members through the declaration of an annual patronage refund. For 2013, REI declared an annual patronage refund of $114.7 million, 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.

2013 REI Highlights

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.

For the 17th consecutive year FORTUNE magazine has ranked REI as one of the "100 Best Companies to Work For."  The co-op ranked #69 on the 2014 list.

REI-brand products earned national recognition in 2013, including an OutdoorGearLab.com "Top Pick" for the REI Stuff Travel Daypack 22. REI Private Brands and its cycling brand, Novara, which are only available at REI, offer outdoor products that combine high performance, value and innovation.

For more than 25 years REI Adventures, the co-op's award-winning travel company, has been taking members and families on active adventures around the world. As a global leader in guided active adventure travel, REI Adventures saw a 15 percent increase in sales last year that brought thousands of travelers to unforgettable destinations close to home and far away.

REI Outdoor School, which is the national leader in outdoor education, experienced sales growth of more than 25 percent last year through its in-store and field classes and presentations. REI Outdoor School offers thousands of unique classes and outings across the country to help people get ready for outdoor adventures. Classes range from How to Ride a Bike to Introduction to Rock Climbing, and outings include such activities as snowshoeing, kayaking and stand-up paddle-boarding.

In 2013, REI donated more than $3 million to national and community-based nonprofit organizations focused on caring for popular and accessible places where our members play. Since 1976, REI has provided more than $44 million of financial support to local and national non-profit organizations working on stewardship of natural and scenic places and outdoor recreation causes.

REI has a commitment to understanding and addressing its operating impact on the environment. Last year the co-op made good progress against this commitment. While the co-op grew nearly six percent in 2013 over 2012, REI increased its energy consumption by just 0.1 percent, reduced its greenhouse gas emissions by 39.5 percent and reduced the tons of waste it sends to landfills by 3.3 percent.

Selected Pro Forma Results

In December 2013, the REI Board of Directors approved a change in the co-op's fiscal year-end from a calendar year-end of Dec. 31 to a 52/53-week fiscal year ending on the Saturday closest to Dec. 31. Results reported in the audited financial statements for 2013 represent a transitional "stub-period" of Jan. 1, 2013 to Dec. 28, 2013 (362 days) and for 2012 are based on a calendar leap year (366 days). For comparative purposes in this press release, below are pro-forma results for both 2013 and 2012 on a 52-week period ending on the Saturday closest to Dec. 31.

In addition, the 2013 results presented below exclude non-comparable charges of $24.9 million related to the impact of the cancellation of the launch of a private brand and certain technology-related impairments. The information presented below provides REI members, employees and other interested parties with a comparable overview of REI's operational performance. REI's audited consolidated financial statements for 2012 and 2013 can be viewed at REI.com.

Unaudited/Non-GAAP

(in thousands of dollars)

Pro-Forma 2013

Pro-Forma 2012


Dec. 30, 2012 to

Dec. 28, 2013

Jan. 1, 2012 to

Dec. 29, 2012








Net sales

$ 2,030,279

$ 1,917,832


Gross profit

874,310

797,068


Operating expenses

721,058

664,431


Operating income

153,252

132,637






Patronage dividends, net

98,456

89,262






Income before income taxes

54,796

43,375






Net Income

$ 34,484

$ 26,591


About REI
REI is a $2 billion national multichannel retail co-op headquartered outside of Seattle. With more than 5 million active members, REI serves the needs of outdoor adventurers through innovative, quality products; inspiring classes and trips; and integrated customer service that allows shoppers to buy great gear and clothing in any way they want. REI has 131 stores in 33 states, as well as REI.com and REI.com/outlet. Anyone may shop with REI, while members pay a one-time $20 fee to receive a share in the company's profits through an annual patronage refund. Membership in the co-op also includes special promotions and discounts on REI Adventures trips and REI Outdoor School classes.

SOURCE REI

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
DX World EXPO, LLC, a Lighthouse Point, Florida-based startup trade show producer and the creator of "DXWorldEXPO® - Digital Transformation Conference & Expo" has announced its executive management team. The team is headed by Levent Selamoglu, who has been named CEO. "Now is the time for a truly global DX event, to bring together the leading minds from the technology world in a conversation about Digital Transformation," he said in making the announcement.
"Space Monkey by Vivent Smart Home is a product that is a distributed cloud-based edge storage network. Vivent Smart Home, our parent company, is a smart home provider that places a lot of hard drives across homes in North America," explained JT Olds, Director of Engineering, and Brandon Crowfeather, Product Manager, at Vivint Smart Home, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
DevOps is under attack because developers don’t want to mess with infrastructure. They will happily own their code into production, but want to use platforms instead of raw automation. That’s changing the landscape that we understand as DevOps with both architecture concepts (CloudNative) and process redefinition (SRE). Rob Hirschfeld’s recent work in Kubernetes operations has led to the conclusion that containers and related platforms have changed the way we should be thinking about DevOps and...
SYS-CON Events announced today that Conference Guru has been named “Media Sponsor” of the 22nd International Cloud Expo, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. A valuable conference experience generates new contacts, sales leads, potential strategic partners and potential investors; helps gather competitive intelligence and even provides inspiration for new products and services. Conference Guru works with conference organizers to pass great deals to gre...
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and shared the must-have mindsets for removing complexity from the develop...
In his Opening Keynote at 21st Cloud Expo, John Considine, General Manager of IBM Cloud Infrastructure, led attendees through the exciting evolution of the cloud. He looked at this major disruption from the perspective of technology, business models, and what this means for enterprises of all sizes. John Considine is General Manager of Cloud Infrastructure Services at IBM. In that role he is responsible for leading IBM’s public cloud infrastructure including strategy, development, and offering m...
Companies are harnessing data in ways we once associated with science fiction. Analysts have access to a plethora of visualization and reporting tools, but considering the vast amount of data businesses collect and limitations of CPUs, end users are forced to design their structures and systems with limitations. Until now. As the cloud toolkit to analyze data has evolved, GPUs have stepped in to massively parallel SQL, visualization and machine learning.
The next XaaS is CICDaaS. Why? Because CICD saves developers a huge amount of time. CD is an especially great option for projects that require multiple and frequent contributions to be integrated. But… securing CICD best practices is an emerging, essential, yet little understood practice for DevOps teams and their Cloud Service Providers. The only way to get CICD to work in a highly secure environment takes collaboration, patience and persistence. Building CICD in the cloud requires rigorous ar...
"Evatronix provides design services to companies that need to integrate the IoT technology in their products but they don't necessarily have the expertise, knowledge and design team to do so," explained Adam Morawiec, VP of Business Development at Evatronix, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
To get the most out of their data, successful companies are not focusing on queries and data lakes, they are actively integrating analytics into their operations with a data-first application development approach. Real-time adjustments to improve revenues, reduce costs, or mitigate risk rely on applications that minimize latency on a variety of data sources. In his session at @BigDataExpo, Jack Norris, Senior Vice President, Data and Applications at MapR Technologies, reviewed best practices to ...
Widespread fragmentation is stalling the growth of the IIoT and making it difficult for partners to work together. The number of software platforms, apps, hardware and connectivity standards is creating paralysis among businesses that are afraid of being locked into a solution. EdgeX Foundry is unifying the community around a common IoT edge framework and an ecosystem of interoperable components.
"ZeroStack is a startup in Silicon Valley. We're solving a very interesting problem around bringing public cloud convenience with private cloud control for enterprises and mid-size companies," explained Kamesh Pemmaraju, VP of Product Management at ZeroStack, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Large industrial manufacturing organizations are adopting the agile principles of cloud software companies. The industrial manufacturing development process has not scaled over time. Now that design CAD teams are geographically distributed, centralizing their work is key. With large multi-gigabyte projects, outdated tools have stifled industrial team agility, time-to-market milestones, and impacted P&L stakeholders.
"Akvelon is a software development company and we also provide consultancy services to folks who are looking to scale or accelerate their engineering roadmaps," explained Jeremiah Mothersell, Marketing Manager at Akvelon, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Enterprises are adopting Kubernetes to accelerate the development and the delivery of cloud-native applications. However, sharing a Kubernetes cluster between members of the same team can be challenging. And, sharing clusters across multiple teams is even harder. Kubernetes offers several constructs to help implement segmentation and isolation. However, these primitives can be complex to understand and apply. As a result, it’s becoming common for enterprises to end up with several clusters. Thi...