REI reported that operating income for full year 2003 increased over 17% to “more than” $56 million from $47.6 million in 2002. The co-op posted $19.1 million in net income an increase of more than $3 million or around 19% from the previous year.
The outdoor specialty co-op had a 9.5% increase in total sales to $805 million in 2003 from $735 million in the previous year. Same-store sales were up 2.9% and Direct Sales posted an overall gain of 12.2%.
Apparently, different weather patterns hit REI stores than some of the other large outdoor retail chains. REI CEO Dennis Madsen credits the success to a year of “seasonally appropriate” weather for outdoor recreation, as well as the hard work of his employees.
