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

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 <li