REI Co-op today announced that it hit $3.7 billion in sales in 2021, marking an increase of 36% over 2020.
The retailer said it achieved a net income of $97.7 million in 2021.
As a cooperative, REI’s business is partly owned by its employees, producers and members. As such, $128.9 million was distributed to employees’ profit sharing, retirement and performance programs. Overall, the company gave more than half of its profits back to members, employees and nonprofit partners. REI distributed $234 million in member rewards and invested $7.1 million in more than 450 nonprofit partners that address industry inequities and sustainability.
REI also added 1.4 million new members in 2021, bringing the total number to over 21.5 million members.
“2021 was an historic year for the co-op,” said REI Co-op president and CEO Eric Artz. “Our co-op team and our partners rose to meet every challenge, from the ongoing pandemic to persistent supply chain disruptions, working together toward a common vision. Our members continued to turn to REI to help support the desire to spend more time outside. And their loyalty to our business enables us to continue investing in the communities we serve.”
In 2021, REI opened eight new stores across seven states.
REI also released