SEATTLE (BRAIN) — REI Co-op reported a record $3.85 billion in sales in 2022, an increase of 3.2% year-over-year. It released its financial results and impact report Wednesday.
REI also invested $92.3 million in employee retirement and performance incentives, and distributed $223.7 million to members through its member rewards program.
“I’m incredibly impressed by all we’ve accomplished as a co-op,” said President and CEO Eric Artz said in a public letter released with the report. “Throughout 2022, we invested in our people, in our capabilities, and in the communities we serve. We invested in membership with new and enhanced offerings and held fast to our commitment to distributing our full Co-op Member Reward to more than 23 million members during a year without profits to fund it. As a co-op, we are in the fortunate position to be able to make long-term choices and investments like this, but we do not do so lightly. We remain focused on a path back to sustainable profitability for the co-op to ensure a healthy long-term future.”
In 2022, REI invested an additional $50 million toward pay raises for hourly employees. Along with the employee retirement and bonus incentives, that was the largest single-year investment the co-op made in employee compensation.
In addition, the REI Access Plan was started, providing access to medical coverage for every employee, regardless of hours worked.
About 8% of REI headquarters' workforce was laid off at the end of January, impacting 167 leaders and employees. Artz said then the layoffs would allow REI to reorganize and combine several headquarters' divisions so that teams are organized around a focused set of priorities.
REI welcomed 1.3 million members in 2022, bringing its member count to 23 million.
