President's Message

2008: A Milestone in REI History

This year marks a special moment in REI history: our 70th anniversary. Since 1938, our primary goal has been to serve the outdoor equipment and clothing needs of our members and customers. Today, thanks to your patronage and the 10,000 REI employees dedicated to serving you, our business continues to thrive, even in the midst of a more uncertain economy. By forming REI as a co-op, our founders Lloyd and Mary Anderson instilled in us a spirit of camaraderie and community goodwill. In keeping with these values, we are delighted to distribute a record $62 million in dividends to our 3.4 million active members this year. Beginning on May 1, 2007, we also added a 5% REI Visa® card rebate on all eligible REI purchases, resulting in another $2.3 million distributed to REI Visa cardmembers.

As a co-op focused on serving our members and the natural world for generations to come, we are committed to operating our business in a sustainable way. From reducing our carbon footprint and waste, to constructing green buildings, to developing a line of eco-sensitive products, we are dedicated to being lifelong stewards of the planet.

REI also has a long history of giving back to local communities, and this legacy continues today. Because of your patronage, we have the means in 2008 to earmark $3.7 million in grants that will support outdoor stewardship and connect children to nature. More importantly, we're committed to enhancing these efforts through volunteerism. In the spirit of our co-op, we welcome you to join us in supporting these worthy causes and introducing the next generation to the wonders of nature.

Finally, I would like to thank board chairman Doug Walker, who will be leaving the board after 12 years. Besides a successful professional career, Doug has devoted much of his time to introducing people to the outdoors, especially mountaineering and rock climbing. He leaves with us a legacy of leadership, dedication to service and passion for the environment that will shape REI for years to come.

Thank you for your loyal support of the co-op. We look forward to serving you in the coming year.

Sincerely,

Sally Jewell
President and CEO

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