Sales for the second quarter were $895 million, decreasing 4.5% as compared to a year ago. The second quarter EBITDA loss was $20.5 million, which included a $10.5 million executive severance charge related to the Barnes & Noble College spin-off. Excluding this charge, the EBITDA loss was $10.0 million, a $2.2 million improvement over the prior year. The second quarter net loss from continuing operations was $27.2 million or $0.36 per share, compared to net loss from continuing operations of $5.1 million, or $0.16 per share, in the prior year. The after-tax impact of the severance charge was $0.08 per share for the quarter.
REI Co-op is opening its first location in Maine, bringing quality outdoor gear and renowned expertise to the Greater Portland area in fall 2021. The approximately 24,400 square-foot store will be part of the new Rock Row development in Westbrook and will serve as a home base for the co-op’s 47,000 lifetime members in Maine by inspiring and enabling a life outside for all. REI will offer top-quality gear for the activities that each season offers, ranging from paddling to cold weather gear.
“A part of the New England community since we opened our first store in Massachusetts in 1987, we’re thrilled to expand our regional presence with our first store in Maine,” says Becky Smith, REI’s Northeast regional director. “We are especially excited to share a passion with the community for spending time outside year-round, from trekking through the snow to paddling along the coast.”
As a member-owned co-op, REI shares annual profits with its members and invests in the local communities where they reside and recreate. As part of the co-op’s philanthropy commitment, REI actively works with nonprofits across the country to steward and maintain local trails, parks, and public lands to connect people to the outdoors. In 2021, REI invested more than $150,000 in nonprofit organizations throughout New England. As REI gets closer to opening in Maine, the co-op will invest $20,000 into the local outdoor community.