The outdoor co-op saw plunging gross margins and SG&A expansion send its bottom line $164,712,000 into the red last year, against a $97,661,000 profit in 2021, as revenues grew 3% to $3,850,174,000 from $3,739,259,000. While it reports audited yearly results, REI does not provide any color on underlying financial or merchandising trends. CEO Eric Artz reiterated that the retailer was focused on working to return to sustainable profitability. Earlier this year, REI layed off 167 headquarters staff, or about 8% of its workforce there, as part of a restructuring plan. No ... Log in to view full article.