Stay updated with breaking news from Eric Artz. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
Outdoor recreation cooperative, REI, has announced plummeting revenue for 2023. Meanwhile, consumers are tuning to one-stop shops like Cabela's and Bass Pro Shops for gear needs.
REI Co-op reported fiscal year sales of $3.8 billion, a 2.4% decrease from last year. However the compan has invested nearly $270 million back to the co-op community.
SEATTLE (BRAIN) — REI Co-op reported a net loss of $311 million in 2023 with yearly revenues declining 2.4% compared with the previous year.According to REI, the loss was because of a commitment to increasing hourly pay for employees, providing member rewards, and a $169 million non-cash valuation allowance against its deferred taxes.The non-cash valuation allowance is a
REI Co-op on Tuesday announced some broad financial results from 2023, including a widening loss and a dip in revenues.
Following a tumultuous year that included layoffs and operations restructuring, REI announced it lost $311 million in 2023.