Figures released by REI in its annual dividend notice to members this week indicate the retail co-operative experienced significant growth in operating profits in 2010.
REI is paying patronage refunds of $94 million to its members and retaining $30.2 million of its 2010 earnings, according to the annual dividend notice that began arriving in its member mailboxes this week. The retail co-operative, which is based near Seattle, also told members it awarded $4.3 million in grants to local community organizations and welcomed a record 786,530 new members.
While REI is not expected to release its 2010 finacial report until March 28, the community grants figure indicates the company's operating earnings grew by roughly 40% over their level in 2009. In 2009, REI paid more than $80 million in partronage refunds based on sales of $1.46 billion, operating income of $100.6 million and net income of $29.8 million.
