The outdoor-gear consumer co-op says members are getting back more than $197 million in dividends and credit-card rebates.
Defying the retail industry’s doldrums, REI logged another good year last year.
The outdoor co-op recorded a record $2.56 billion in sales in 2016, up 5.5 percent from $2.42 billion in 2015. That 5.5 percent increase was less than the 9 percent sales growth the year prior.
Net income (after dividends and taxes) was $38.3 million, up 8 percent from $35.4 million in 2015. That’s compared with a 20 percent drop in net income from 2014 to 2015, which was due to 2015’s record dollar amount of member dividend, investments in technology and infrastructure and a shorter fiscal year.
Comparable sales, including direct-to-consumer sales, were up nearly 4 percent, while digital sales increased by nearly 18 percent, REI said in a news release.
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The co-op gave back to members $193.7 million in annual dividends and credit-card rebates, while $57 million went toward employees’ retirement and incentive program contributions. REI also gave $9.3 million to more than 300 nonprofits.
Total active membership reached 6.3 million, up from about 6 million in 2015.