Outdoor retailer REI reported a $164.7M loss for 2022.
The firm was impacted by lower margins despite reaching a record $3.9B in sales last year.
- REI's operating expenses rose to $1.8M in 2022.
- REI CEO Eric Artz said the firm is "focused on a path back to sustainable profitability."
- The firm's cash, cash equivalents, and short-term investments fell from $1.02B in January 2022 to $525.8M in December.
- The company expanded its membership benefits in 2022, including its free shipping and "Re/Supply" program.
- It also invested $50M toward pay rises for hourly employees and an additional $92M for employee retirement and bonuses.
