REI is a coop as well, with a somewhat similar dividend structure. However I doubt that all of the profits are fully distributed at the end of the year to members. I would bet that there are 'members' who are investors/owners, not typical consumers, who actually take some of the profit home (but that is a guess, I am happy to be wrong). And of course any business should have savings as well, for multi-year capital expenditures, incidents and accidents, etc.