REI Co-op gives back nearly $270 million to the co-op community, including investments in employees, nonprofit partners, the planet, and society as a whole. Despite closing the fiscal year with sales of $3.8 billion, down 2.4% from the previous year, the company gave back over $200 million to its 24 million co-op members. Sales suffered due to climate change, with an erratic climate in the fourth quarter impacting winter gear sales. Heavy rainfall and warm temperatures affected store traffic and sales during high-volume shopping periods.
The company reduced its greenhouse gas footprint by 6% from 2019 and is committed to becoming net-zero by 2050. For 11 consecutive years, 100% of the company’s energy has come from renewable sources. REI Co-op aims to create anti-racist and inclusive environments for employees, investing in training programs through its Racial Equity, Diversity, and Inclusion Learning Series. The company launched the Outside in 5 mission in 2023 to ensure everyone in the U.S. lives within five minutes of parks, trails, and outdoor spaces.
Partnering with over 100 vendors, REI Co-op broadens its reach from local communities to global ones. The company partnered with Biolite to finance clean cookstoves for 30,000 households in Saharan Africa. REI Co-op also focuses on repurposing merchandise with its Re/Supply program, offering used products through stores and online. The commitment to social causes goes beyond profits, as the company reported a loss of $311 million in 2023, investing over $57 million in retirement benefits and incentives for employees.
Despite the net loss and sales miss, REI Co-op remains committed to its impact on people, the planet, and society as a whole. The company added 1.4 million co-op members in the past year and continues to grow year over year. Membership costs a nominal $30 for life and allows members to receive profits from the company annually. REI Co-op’s dedication to corporate social responsibility keeps it at the forefront of the industry, focusing on bettering the world and active participation in a variety of social causes. The full Impact Report can be found on the company’s website.
