The outdoor co-op’s net income slipped 55% in 2019 to $21,044,000 from $47,098,000 despite 12% higher revenues of $3,122,994,000 up from $2,781,909,000 as higher operating expenses more that offset better sales and margins. Combined brick-and-mortar and digital comparable sales increased 8%, traffic grew by 3.5% and eight net new stores brought the fleet to 162. As usual, REI paid out about 70% of EBIT to its members as patronage dividends. Income before patronage dividends and taxes was down 14% to $160,996,000 from $187,779,000.
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