Great news for the great outdoors (retailer)
SEATTLE -- REI (Recreational Equipment Inc.) announced 2010 sales of $1.66 billion, up 14% from $1.46 billion the previous year, proving that even in a down economy outdoor enthusiasts will find ways to support their passion. Net income in 2010 was $30.2 million, up 1.4% from $29.8 million in the previous year. The company’s direct sales channel, which includes online and catalog sales, grew by 22.9%. Comp-store sales grew by 8.1%, up from negative 3.5% 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 CFO and EVP. “As the nation’s largest consumer cooperative, we are extremely pleased to also share our success with our members, communities and employees.”
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.