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Article Date: April 2024
Word Count: 368

REI’s Losses Balloon in 2023 on Sales Decline


The outdoor co-op continued to struggle last year, seeing the red ink deepen to a $311,128,000 loss from a $164,712,000 loss the year before, as revenues slipped 2% to $3,758,226,000 from $3,850,174,000. REI releases audited annual results, but does not provide any color on merchandising trends or category breakouts. CEO Eric Artz commented earlier that 2024 revenues are expected to decline again this year, in an outdoor industry that is increasingly challenging.

 

The operating loss narrowed slightly from 2022, but a $154 million swing in total income tax expense, which included a ... Log in to view full article.

 


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