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Outdoor Unfiltered

The Real Story Behind REI’s 2025 Numbers & Should You Attend OR 2026?

5/18/202649 min

Dive deep into the real numbers behind the outdoor industry with host Eoin Comerford in Episode 12 of Outdoor Unfiltered. In this episode, we unpack REI’s fiscal 2025 financial reports, breaking down what flat revenues, rising gross margins, and a declining active membership base mean for the future of the cooperative.

Then, we look beyond the PR spin of recent Q1 earnings reports from top brands, including Yeti's wholesale surge, Wolverine Worldwide's lifestyle expansion with Saucony, Under Armour's ongoing retail challenges, and Compass Diversified's technical insights from Boa and Primaloft. Finally, we analyze the latest NSGA (National Sporting Goods Association) sports participation numbers, revealing massive growth in hiking, kayaking, and alpine skiing.

In our expert guest segment, we are joined by industry leaders Lindsay Hubley and Sunny Stroeer from Emerald X to discuss the upcoming revamp of the Outdoor Retailer show in Minneapolis, its shifting calendar to August, and the game-changing Wild Reach creator platform powered by Popfly.

Show Notes

Episode Summary

In this episode of Outdoor Unfiltered, host Eoin Comerford goes line-by-line through the reality of REI’s 2025 financial performance, separates the signal from the noise in recent outdoor brand earnings reports, and highlights which outdoor sports are actually growing according to the NSGA. Plus, Lindsay Hubley and Sunny Stroeer join the show to detail how the upcoming Outdoor Retailer show in Minneapolis is adapting to meet the needs of modern specialty retailers, brands, and content creators.

Timestamps

  • 00:00 – Welcome to Outdoor Unfiltered & REI 2025 Financial Overview
  • 00:54 – Breaking Down REI's Revenue, Store Expansion, and the 53rd Week
  • 02:08 – Gross Margins, Inventory Gluts, and Promotional Discipline
  • 03:00 – Operating Losses, Payroll Structural Problems, and Layoffs
  • 04:02 – Membership Metrics: Voting Eligible vs. Total Members
  • 04:36 – Cash, Investments, and Operating Cash Flow Reality
  • 05:25 – Sponsor Break: ENDVR
  • 06:33 – Quick Hits: Yeti Q1 Earnings Analysis
  • 07:11 – Quick Hits: Wolverine Worldwide & Saucony Growth
  • 07:44 – Quick Hits: Under Armour's Retail Challenges
  • 08:24 – Quick Hits: Compass Diversified, Boa, and Primaloft Performance
  • 08:52 – Sponsor Break: Crux Retail
  • 09:47 – The Unfiltered Upside: NSGA Sports Participation Report (Hiking, Kayaking, Skiing, and Camping)
  • 11:24 – Interview: Lindsay Hubley & Sunny Stror on the New Outdoor Retailer Show
  • 13:00 – Understanding the Outdoor Retailer Leadership Village & Advisory Family
  • 14:48 – Moving Outdoor Retailer to Minneapolis and Changing the Dates to August
  • 17:15 – Shifting the Show Floor: Capping Maximum Booth Sizes
  • 18:29 – Brand Diversity and Headliners at Outdoor Retailer 2026
  • 19:33 – Special Sections, Backcountry Partnerships, and Stewardship Pavilions
  • 21:00 – Introducing Wild Reach: The Popfly Creator Partnership Platform
  • 24:34 – How to Apply for the Hosted Buyer and Scholarship Programs
  • 25:34 – What to Expect for Industry Day and the Retailer Playbook Labs
  • 27:44 – Industry Day Keynotes and Happy Hour Events
  • 28:54 – Defining Success for the Revamped Outdoor Retailer Show

Connect With Us

We would love to hear your thoughts on the show, inside intel, guest ideas, sponsorship inquiries, or whatever's on your mind.

Our Sponsors

  • ENDVR: The network that connects brands, retailers, and frontline associates to power sell-through across your wholesale channel. Learn more at www.endvr.io
  • Crux Retail: Designing and engineering custom, customer-centric retail store fixtures and bold retail displays for bold brands. Learn more at www.crux-retail.com

Clips

Showing 10 of 15
From Unknown To Ordered Fast
Introducing Wild Reach
Why OR Moved To August
Not The Old OR Anymore
Media Has Changed, So Did OR
Real-Time Content And Metrics
What Success Looks Like
Why Minneapolis, Intentionally
Yes, Brands Can Use The Content
Capping Booth Sizes

Transcript preview

First 90 seconds

  1. Eoin Comerford· Host0:00

    Welcome to Outdoor Unfiltered. Today, we'll be covering the real numbers behind REI's 2025 financials, what we can take away from the latest earnings reports from outdoor brands, the latest outdoor sports participation numbers from NSGA, and then later in the show, I'll be joined by Lindsay Hubley and Sonny Stroh, who are leading the charge on the revamped Outdoor Retailer show taking place in Minneapolis in August. This is Outdoor Unfiltered, where we dig beyond the PR speak to see what's really going on in the outdoor industry, not just what happened, but why it happened and why it matters. I'm Owen Comerford, a former CEO, advisor to outdoor brands, and consigliere to the Rock Five. Okay, let's get into it. REI is the biggest outdoor-focused retailer in the country and is the number one customer for many outdoor brands, sometimes upwards of 40 or 50% of their business. So it's definitely news that they dropped their 2025 financials recently. Overall, you know, the headline reads pretty well. Losses narrowed dramatically, margins hit a four-year high, and the balance sheet is in its strongest shape since the downturn began. But as always, the details tell a more complicated story. So today, I wanna go line by line really through the P&L and talk about what the headline number is, but then really break down what's going on. So let's start at the top with revenue. The headline

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