President's Message

2008: The Challenging Trail

As we celebrated our 70th anniversary in 2008, the world economy proved challenging, like the one our founders, Lloyd and Mary Anderson, navigated in 1938. Our co-op experienced higher fuel prices and rising health care costs, which combined with a difficult sales environment to reduce our net income to $14.5 million, down from the prior year's record level of $41.4 million. With the support of over 10,000 dedicated employees, we adjusted expenses carefully, enabling us to remain profitable. Through an enhancement in the member program we also paid the highest dividend in our history, $73 million. We continued to invest to better serve customers, opening nine new stores across the country and enhancing our website, REI.com. Our co-op remains debt free, with a strong balance sheet, which will enable us to continue to serve you for many years to come.

With adversity comes opportunity, and this recession will be no exception. As people adjust to fundamental shifts in our economy, the outdoors can provide a welcome, affordable refuge. Fresh air, exercise, and experiencing nature with family and friends provide an ideal antidote to the stresses of everyday life, helping deepen our relationships with the people and places most important to us.

Through our co-op's commitment to environmental stewardship and connecting people, especially children, to nature, we are working to bring the outdoors back into people's everyday lives. Our knowledgeable teams across REI help provide information to facilitate outdoor activities close to home and far away. Our "Kids' Passport to Adventure" program, available from every REI store, provides a fun, inspirational way for children to experience family-friendly hikes and bike rides in many communities, earning recognition and a prize along the way. The hundreds of nonprofit organizations we work with and support across the country are having a real impact on the lives of millions of people, young and old, who enjoy and give service to our public lands.

In the coming years, we remain optimistic that we can become a model for sustainable business practices while supporting activities that help inspire, educate, and outfit people for a lifetime of outdoor adventure and stewardship.

We hope you will use your dividend this year to take full advantage of the bounty of nature and the sheer enjoyment of being outside. Thank you for your patronage!

Warmly,

Sally Jewell
President and CEO

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