Net loss for the year ended Jan. 2 was $33,543,000 against income of $22,137,000 on 12% lower revenues of $2,754,714,000 down from $3,122,994,000, which takes the $112.4 million in member rewards issued in lieu of the usual patronage award directly off the top line. On a pro forma basis, which treats the member reward last year the same as 2019’s patronage payment, revenues were down just 8% to $2,867,072,000. Despite the damage caused by store closures when the coronavirus hit last spring, REI said it doubled online user gear sales, and added one million new members to its rolls. It ... Log in to view full article.