The outdoor coop saw net income fall 20% to $30,490,000 from $38,065,000 for the FY ended Dec. 30 as sales rose 3% to $2,622,776,000 from $2,557,543,000. REI had a $9.3 million charge to earnings as a result of the 2017 Tax Act as it reduced its deferred tax assets due to the lower corporate rate. Going forward, REI said it would have a tax rate of 26% comprised of a 21% federal rate and a 5% state rate. Pre-tax profits were up 7% to $64,221,000 from $59,991,000 after paying patronage dividends of $121,959,000 in 2017 against $116,937,000 prior. REI also ... Log in to view full article.