REI reports another year of losses, pledges efficiency and new stores

April 30, 2024

REI said Tuesday it lost $311 million in 2023 — a tumultuous year that included layoffs and operations restructuring at the Seattle-founded outdoor equipment retailer. Revenues were $3.76 billion in 2023, down 2.4% from the previous year.

It was “a deeply disappointing result,” and the second year in a row that the company failed to turn a profit, CEO Eric Artz wrote in a letter to the company’s employees Tuesday.

Artz said the company would improve its operations to become more efficient, while also opening new stores around the country. Seattle Times