Why is REI not profitable?

I'm curious to understand, why is REI, a company that seems to have a strong presence in the real estate market, not currently turning a profit? Are there specific challenges or obstacles that the company is facing that are preventing it from achieving profitability? Or is it a matter of strategic decisions and investments that have yet to yield returns? It would be interesting to gain more insight into the factors contributing to REI's current financial state and what the company is doing to address these challenges in order to achieve profitability in the future.