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Cabela's Q4 same store sales up 2.2%
20
Feb '09
Cabela's Incorporated reported that fourth quarter fiscal 2008 retail store revenue increased 6.9% to $429.5 million with a same store sales increase of 2.2%; direct revenue decreased 8.2% to $410.4 million; and financial services revenue increased 0.7% to $38.1 million. Consolidated revenue for the fourth quarter of 2008 was $879.4 million compared to $889.5 million for the fourth quarter of 2007.

Net income for the fourth quarter of 2008 was $49.4 million, or $0.74 per diluted share, compared to $56.2 million, or $0.84 per diluted share, for the fourth quarter of 2007. Fourth quarter 2008 results were negatively impacted by $5.8 million of restructuring and impairment charges and aided by an $8.7 million revenue benefit due to a change in estimate for breakage on gift cards.

"We are excited about our fourth quarter performance where we recorded our largest increase in same store sales in over a year," said Dennis Highby, Cabela's President and Chief Executive Officer.

"Our improved retail execution with a particular emphasis on sales of firearms and related accessories, along with an aggressive merchandise strategy to take market share, increase inventory turns and improve cash flow, is working. We are pleased to see these improved sales results continuing into 2009 and expect first quarter same store sales to be positive as well."

"Additionally, our initiatives in inventory management allowed us to reduce inventory levels at year end by $91 million, generate a record $155 million of cash flow from operations for the year and voluntarily prepay $26 million of debt," Highby said. "This debt prepayment further strengthens our balance sheet, which is one of the strongest in the retail sector."

"We ended the year with $410 million of cash on our balance sheet. Of this amount, $402 million was held at our wholly-owned bank subsidiary World's Foremost Bank. As we have previously disclosed, we intend to fund more of our bank subsidiary's credit card portfolio through lower-cost certificates of deposit and were active in the certificate of deposit market throughout the fourth quarter. We intend to use cash on hand at our bank subsidiary to refinance a $250 million term securitization that matures next month," Highby said. "After this refinancing, our next term securitization doesn't mature until October 2010."

Consolidated 2008 revenue increased 8.6% to a Company record of $2.55 billion compared to $2.35 billion in 2007. Net income for 2008 was $76.4 million compared to $87.9 million for 2007, and earnings per share were $1.14 per diluted share compared to $1.31 per diluted share for 2007.

Retail store revenue increased 23.2% to $1.29 billion in 2008 with a same store sales decrease of 3.7%; direct revenue was $1.10 billion; and financial services revenue was $159.0 million. During 2008, the Company opened new retail stores in Scarborough, Maine, and Rapid City, South Dakota, to end the year with 29 stores totaling 4.3 million square feet of retailing space, a 5% increase over 2007.

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