Posted on 04/25/2013 2:45:14 PM PDT by Red in Blue PA
SIDNEY, Neb.--(BUSINESS WIRE)--
Cabela's Incorporated (CAB) today reported strong financial results for first quarter fiscal 2013.
For the quarter, total revenue increased 28.7% to $802.5 million; Retail store revenue increased 41.0% to $486.7 million; Direct revenue increased 18.4% to $225.2 million; and Financial Services revenue increased 2.8% to $85.8 million. For the quarter, comparable store sales increased 24.0%. For the quarter, net income increased 72.9% to $49.8 million compared to $28.8 million in the year ago quarter, and earnings per diluted share were $0.70 compared to $0.40 in the year ago quarter.
"First quarter results exceeded our expectations on every line of the income statement," said Tommy Millner, Cabela's Chief Executive Officer. "In addition to expected increases in firearms and ammunition sales, we saw particularly strong performance in softgoods and footwear. Revenue increases in the latter part of March were stronger than anticipated, which allowed us to outperform our March 12th earnings pre-announcement."
"We are particularly pleased with the broad strength we saw in comparable store sales," Millner said. "Comp store sales increased in all stores and in 10 of 13 merchandise subcategories. In addition to firearms and ammunition, we realized particularly strong growth in softgoods, footwear, optics and archery. Excluding firearms and ammunition, comp store sales increased 9%."
"We are further encouraged with the exceptional performance of our new stores," Millner said. "During the quarter, we opened two next-generation stores in Columbus, Ohio, and Grandville, Michigan, as well as an Outpost store in Saginaw, Michigan. These stores opened very strong, are exceeding expectations and are not cannibalizing nearby legacy stores. Sales and profit per square foot in new stores continue to perform 30-40% better than legacy stores.
(Excerpt) Read more at finance.yahoo.com ...
If people wanted gun control, cabela's would not be smashing earnings estimates. And they smashed numbers which were raised only a month ago!
I went to the one in Hamburg, PA. I couldn’t believe how big it was, and how many people were there.
I am there way too often.
Used to use the Amazon credit card, but now exclusively use the Cabela’s Visa. Last year I got about $500 in free gear there.
Plus they sell some excellent products. Footwear, clothes and more in the bigger sizes. I’m wearing Cabela’s work dungarees right now and just took off my hooded work jacket.
Very durable clothing that FITS.
Demand for guns and ammo is driving foot trafic into the stores. Increased traffic is driving impulse sales of other items. ("I drove all the way out here for a box of 9mm, which is out of stock...Oh, look! Scopes are on sale.)
If you got $500 in free gear, I can’t imagine how much you spent. It’s a cool store. I just wandered around for about an hour. Then we hit up Five Guys Burgers.
I have the Cabela’s Black Visa, which means you must spend about $25,000 or more to even qualify for it. And you must spend that much each year. 1% back on all purchases, and for those things purchases at Cabela’s, 5% back. It is a great incentive to get people to spend there. I know it works for me....too well. I put almost all of my spending on it, with the exception of the burger and fries at the local pizza shop.
How old is that picture?
5+ years?
I love shopping at Cabellas. There’s one on the Ohio/Michigan border and I visit it quite often. We go up to Ypsilani and stay at the Marriott for a golf weekend (nice course, reasonable) and then stop to shop at Cabellas. We’ve got the photos to prove it! lol
That’s a lot of spending. You must have a lot of guns and ammo. They had some good clothes, camping, and fishing equipment too. I’m thinking you like the outdoors...
Was just at their new gun super store in Rogers Minnesota. Not sure how the leftists next door at goodwill feel about it, but hey. It is a hell of a store.
I parked my car in the electric car spot too. (my car has an electrical system. it qualifies right?)
I don't know. I just wanted to have a see at what their store looks like. It could easily be an old photo.
However, at this time it looks like all three have got out of the ammunition, reloading and black powder business.
Not all of that spending was done at Cabela’s of course, though I wish it was;-)
Cabela’s stock is up. Must be the fly fishing...I hear that sport is on fire.;-)
There’s certainly enough cool things to buy. :)
I work at the cabela’s in Saginaw. That picture could have been today except our counter is a bit shorter but each bay is full.
We sell guns every day. I can easily say that of all the jobs I have ever held, I like this one the best. Great company, great employees and great customers. Oh, I work at the gun counter!!!!!
Oregon Ping....It was announced today that Cabela’s is coming to Tualatin, a city just south of Portland (ARRGGGHH...liberal) Oregon....
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