Welcome to Fibre2fashion.com    
fibre2fashion
Pilbloc
Textile | Apparel |  Fashion | Technology | Technical Textiles  | Corporate | Associations Android app on Google Play Android app on Google Play
 
Home >> News
 

Q4 FY’13 comparable store sales slip 10.1% at Cabela’s

February 14, 2014 (United States Of America)

Cabela's Incorporated reported strong financial results for fourth quarter fiscal 2013.
 
For the quarter, adjusted for the Visa antitrust settlement, total revenue increased 4.9% to $1.2 billion; Retail store revenue increased 7.3% to $711.8 million; direct revenue decreased 4.1% to $369.7 million; and Financial Services revenue increased 23.4% to $102.7 million. For the quarter, comparable store sales decreased 10.1%. 
 
On a GAAP reported basis, total revenue increased 6.1% and Financial Services revenue increased 45.7%. For the quarter, net income increased 5.5% to $94.7 million compared to $89.8 million in the year ago quarter, and earnings per diluted share were $1.32 compared to $1.25 in the year ago quarter, each adjusted for certain items. The Company reported GAAP net income of $80.1 million and earnings per diluted share of $1.12 as compared to GAAP net income of $68.0 million and earnings per diluted share of $0.95 in the year ago quarter. 
 
Fourth quarter 2013 GAAP results included provisions for interest and taxes related to an increase in tax reserves of $0.16 per diluted share and an impairment loss of $0.04 per diluted share related to a retail store site. Fourth quarter 2012 GAAP results included impairment losses of $0.19 per diluted share primarily related to land held for sale and an $0.11 per diluted share reduction related to the Visa antitrust settlement. 
 
For fiscal 2013, net income increased 22.0% to $238.3 million compared to $195.3 million last year, and earnings per diluted share were $3.32 compared to $2.72 a year ago, each adjusted for certain items. The Company reported GAAP net income of $224.4 million and earnings per diluted share of $3.13 as compared to GAAP net income of $173.5 million and earnings per diluted share of $2.42 a year ago. 
 
Fiscal 2013 GAAP results included adjustments to the Visa antitrust settlement liability resulting in a $0.03 per diluted share benefit, impairment and expense adjustments primarily related to two retail locations of $0.06 per diluted share, and provisions for interest and taxes related to an increase in tax reserves of $0.16 per diluted share. 
 
Fiscal 2012 GAAP results included impairment losses of $0.19 per diluted share primarily related to land held for sale and a $0.11 per diluted share reduction related to the Visa antitrust settlement. 
 
During the fourth quarter, the Company reserved $9.3 million for potential adjustments to the provision for income taxes that may result from audits in progress and $3.6 million of interest related to these matters. For 2014, the tax rate is expected to be between 33.0% and 34.0%.
 
Click here to view full results. 
 
 
 

Cabela’s
More Cabela's Incorporated News...
More Apparel/Garments News - United States Of America...

 
Email this
Story
Print this
Story
Letter to
Editor
Sign Up for
News Letter
Search
Companies
 
 
  RSS