Cabela's Inc. Reports Record First Quarter 2013 Results (stock up 16% today)

Yahoo Finance ^

[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.

[Salvation]

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[Zuben Elgenubi]

They had an electrical fire at that Dundee, MI store just a couple days ago. Reports were that it would be closed for about three days.

Thanks. I don't think I'll be up there until the end of May.

[midcop402]

Sorry for the delay. I don’t often check my freep messages. I would estimate only 5% of our sales are AR’s. We have at least 6 different ones there. We are not even selling one per day. Back in April if I got 6 in, they would be gone by noon. Now, they sit on the shelves for quite awhile.

This is good. Last Monday we lifted ammo restrictions except on .22’s. Anyone can buy any amount of center fire and shotgun ammo. Hopefully we will get the expected LARGE shipment in soon.