Home / Knowledge / News / Apparel/Garments / Cabela's Q3 FY'13 sales up 14.8%
Cabela's Q3 FY'13 sales up 14.8%
24
Oct '13
Cabela's Incorporated reported strong financial results for third quarter fiscal 2013.

Highlights:

- Third Quarter Diluted EPS Increased 16.7% to $0.70 vs. $0.60 a Year Ago
- Total Revenue Increased 14.8% to $850.8 Million
- Third Quarter Comparable Store Sales Up 3.9%
- Direct Revenue Increased 0.9%
- Merchandise Gross Margin Increased 10 Basis Points to 37.3%
- After-Tax Return on Invested Capital Increased 110 Basis Points

For the quarter, total revenue increased 14.8% to $850.8 million; Retail store revenue increased 20.8% to $550.9 million; Direct revenue increased 0.9% to $198.6 million; and Financial Services revenue increased 14.5% to $98.4 million.

Comparable store sales increased 3.9%. Net income increased 16.6% to $49.9 million compared to $42.8 million in the year ago quarter, and earnings per diluted share increased 16.7% to $0.70 compared to $0.60 in the year ago quarter.

"In today's difficult marketplace, the strong performance of our next-generation stores continues to be a competitive advantage," said Tommy Millner, Cabela's Chief Executive Officer. "Growing our retail footprint through our next-generation store format provides an exciting vision into the future of our Company.

"In the third quarter, 14 of our 18 next-generation stores were open for the full period and outperformed our legacy store base by approximately 50% in sales per square foot and approximately 60% in profit per square foot. Based on this, we plan to expand retail square footage at a low to mid-teens rate over the next several years with our next-generation and Outpost store formats."

The 3.9% increase in comp store sales is the eighth consecutive quarter of comp store sales increases. Excluding firearms, comp store sales increased 5.3% as sales of firearms significantly moderated during the quarter. The eight next-generation stores in the comp base at the end of the quarter generated comp store sales of 6.7%. Ammunition sales, while still above prior year levels, slowed during the quarter. We saw strong performance in men’s apparel, hunting apparel and general outdoors.

"Although Direct revenue increased for the fourth consecutive quarter, the results fell short of our expectations," Millner said. "These results were caused by a deceleration in ammunition sales and Internet traffic, lower average ticket and a more cautious consumer. Since we expect these trends to continue, our Direct business in the fourth quarter is anticipated to decline at a mid-single digit rate.

"During the quarter, we continued to enhance our omni-channel efforts through greater use of digital marketing and the limited roll out of omni-channel fulfillment. In the fourth quarter, we will continue to expand our omni-channel fulfillment capabilities and will implement a number of improvements to our mobile platform."

For the quarter, merchandise gross margin improved 10 basis points to 37.3% compared to the prior year quarter. Merchandise mix declines from ammunition sales were more than offset by margin improvement due to the elimination of free shipping to CLUB members and increased penetration of Cabela's brand merchandise.

Click here to read full results

Cabela's


Must ReadView All

Textiles | On 24th Jun 2017

Applied DNA to tag cotton for 2017/18 US ginning season

Applied DNA, provider of DNA-based supply chain security,...

Apparel/Garments | On 24th Jun 2017

NPD Group launches Trend Tracker for apparel trends

Global information company the NPD Group has launched Trend Tracker,...

Textiles | On 24th Jun 2017

Cotton USA’s first innovation competition in UK ends

Cotton USA has announced the successful close to its first innovation ...

Interviews View All

Shiladitya K Joshi
Truetzschler India Private Limited

India ITME provides a platform to interact with our stakeholders

Manuj Terapanthi
Texaura

Transparent supply chain and fair trade will boost sustainable market

Amit Jain
Shingora Textiles Ltd

‘In terms of fabric, the fastest growing category for us is a blend of...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
June 2017

June 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search