REI reported its 2021 financial results Tuesday and the numbers provide good insight into just how much the outdoor industry is growing – especially compared to Before Times.
REI’s 2021 revenue totaled $3.7 billion, a 20% increase over 2019.
2021 was also very profitable, with net income reaching $97.7 million. That’s a 365% increase compared to 2019.
2021 results were even stronger when compared to 2020 numbers because of the pandemic lockdowns in 2020. 2021 revenue grew 36% vs. 2020. And in 2020, REI recorded a loss of $34 million.
In line with its ethos, REI distributed more than half of its operating profits in 2021 back to its employees, members and nonprofit partners, with an emphasis on nonprofits that address inequities and protecting the planet.
REI now has 21.5 million members, and added 1.4 million new members in 2021.
REI opened eight new stores during the year, and currently operates 174 stores.
