Home / Knowledge / News / Apparel/Garments / REI achieves remarkable results last year
REI achieves remarkable results last year
29
Mar '11
REI (Recreational Equipment Inc), a national retailer of quality outdoor gear and apparel, announced 2010 sales of $1.66 billion, up 14 percent from $1.46 billion the previous year. Operating income for the year was a record $115.4 million, an increase of 15 percent over $100.6 million in 2009. Net income in 2010 was $30.2 million, up 1.4 percent from $29.8 million in the previous year. The company's direct sales channel, which includes online and catalog sales, grew by 22.9 percent. Comp store sales grew by 8.1 percent, up from negative 3.5 percent in 2009.

“REI achieved remarkable results last year in an economy that remained uncertain, and I credit the dedication and commitment of our more than 9,500 employees who are focused on serving our members and customers. Our performance positions REI well for ongoing strategic growth and business investments,” said Ivar Chhina, REI's chief financial officer and executive vice president. “As the nation's largest consumer cooperative, we are extremely pleased to also share our success with our members, communities and employees.”

Each year, REI shares its profits with its members through an annual patronage refund in proportion to their eligible purchases. Based on the co-op's 2010 performance, $94.3 million in patronage refunds will be distributed to 4.4 million active members at the end of March, marking the co-op's highest-ever refund. While anyone may shop at REI, only members may share in the co-op's profits. In addition, REI Visa card holders will receive $35 million in rebates from purchases using their REI Visa cards during last year. As a result, more than $129 million will be returned to REI members, an all-time high.

The co-op's strong financial performance also benefits the communities where REI has a presence. Last year, REI invested $3.7 million in national and community-based nonprofit organizations dedicated to engaging volunteers in conserving local natural spaces. In addition, the company also made a grant of $2.5 million to the REI Foundation, an independent 501(c) 3 nonprofit organization established by the co-op in 1993. The Foundation works to support efforts to increase diversity and youth participation in the outdoors.

In recognition of their contributions to REI's performance in 2010, employees received a total of $58.6 million through the company's annual incentive, retirement and profit sharing plans. The rewards included the distribution of $32.7 million in performance incentives to employees and a $25.9 million contribution for retirement and profit sharing. The co-op's exceptional performance allowed the retirement and profit sharing plan to achieve its maximum contribution, which is 15 percent of eligible employee's base salary.

By year-end 2010, REI operated 114 stores, including four new stores in Arizona, Connecticut, Maryland and Montana. The company also relocated two stores last year in California and Montana. Seven new stores will open in 2011, including Dublin and Santa Barbara, Calif.; Paramus, N.J.; Carle Place, Manhattan and Yonkers, N.Y.; Olympia, Wash.

REI's exclusive in-house Gear and Apparel brand continued to earn recognition awards from key reviewers last year, including Backpacker magazine's “2010 Editors' Choice Gold” for the REI Half Dome 2 Tent and Outside magazine's “2010 Gear of the Year” for the REI Half Dome 2 Plus Tent. In addition, for the 14th consecutive year, the co-op was named to FORTUNE magazine's “100 Best Companies to Work For” list. REI is currently ranked number nine on the 2011 list.

REI (Recreational Equipment Inc)


Must ReadView All

Apparel/Garments | On 26th Sep 2017

US raises annual AGOA quota for textiles

The US Committee for the Implementation of Textile Agreements has...

Textiles | On 26th Sep 2017

Thrace-LINQ expanding Dorchester County operations

Thrace-LINQ, a global supplier of fabrics for the textile industry,...

Courtesy: Levis

Fashion | On 26th Sep 2017

Google unveils smart denim jacket with Levi Strauss

Ending the months-long wait, Google has unveiled its smart denim...

Interviews View All

Divyesh Mashruwala
Akshar Industries

Surat dominates foiling, embossing and pleating

Sanjay Yagnik
Maa Tex Speciality

‘We suggest reducing dosage of sizing chemicals to reduce sludge...

Dharmendra Shah
Ozone PB Spintex Limited

‘We have made huge investments to ensure quality yarn production.’

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Anisha Chaudhari
Threads & Shirts

Threads & Shirts is a freshly-tailored concept providing men/women a...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

September 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
75.5%
No
12.2%
Skip
12.2%

Total Votes: 49

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.3%
No
24.5%
Skip
12.2%

Total Votes: 49

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.8%
No
6.1%
Skip
6.1%

Total Votes: 49

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
71.4%
No
10.2%
Skip
18.4%

Total Votes: 49


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search