REI Co-op Reports Widening Loss, Sales Decline in 2023 [Yahoo! Finance]
Nike, Inc. (NKE)
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Source: Yahoo! Finance
Adidas Confirms First Quarter Earnings Beat REI Co-op on Tuesday announced broad financial results from 2023, including a widening loss and a dip in revenues. In tandem with the release of its annual Impact Report, the outdoor retailer said it closed 2023 with $3.76 billion in net sales, which represented a 2.4 percent decrease from 2022. Net loss in 2023 was $311 million, which widened from a net loss of $164.71 million in . The company said this loss was the combined result of investments in employee pay, member rewards and a $169 million non-cash valuation allowance, which REI said will be helpful when it returns to profitability. The retailer also said that overall, it invested nearly $270 million back into its co-op community. The company said it invested $57 million in employee retirement and performance incentives and added 1.3 million new members in 2023. In a letter to employees accompanying the results, REI president and chief executive officer Eric Artz said the 20
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