More News: REI's Fiscal 2006 Net Income Climbs 23% on 9.5% Comps

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REI will distribute $58 million to its active members through the annual patronage refund based on the co-op's 2006 sales of $1.18 billion. For the year, REI's operating income increased 22.8% from $86 million to $105.5 million, and net income increased from $32.7 million to $40.3 million, or 23%. REI's comp store sales remained high in 2006 at 9.5%, marking two consecutive years of 9.5% or higher. The company's direct sales channel, which includes online and catalog sales, gained 19%. These record financials mark the second consecutive year where sales rose more than 15%.

Based on 2006 results, the outdoor retailer will dedicate $3.6 million through its grants program in support of conservation and recreational access around the country in the coming year.

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