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Cabela's reports strong profitability increases

03 Aug '10
4 min read

For the quarter, managed financial services revenue as a percentage of managed credit card loans improved 160 basis points primarily due to lower provision for loan losses, higher interchange, interest, and fee income and lower interest expense. For the quarter, average net charge-offs were 4.78% compared to 5.24% in the second quarter of 2009. This is the lowest absolute charge-off rate realized in the past year. As a result of continued favorable charge-off trends and a more favorable outlook for charge-offs for the remainder of the year, provision for loan losses for the quarter was $16.6 million. Given continued favorable trends related to charge-offs, average net charge-offs at World's Foremost Bank are expected to be between 5.0 and 5.5% for 2010 as compared to previous guidance of 5.25 to 5.75%.

As of July 3, 2010, inventories totaled $513 million, a decrease of 13% compared to inventories of $587 million as of June 27, 2009. For the year to date period, cash flow from operations improved $73 million. Total debt as of July 3, 2010, was $383 million compared to $490 million as of June 27, 2009, a decrease of $107 million or 22%.

"We are pleased with our continued progress controlling costs, driving operational excellence, strengthening our balance sheet and increasing Cabela's brand loyalty through the operations of World's Foremost Bank," Millner said. "Given our strong second quarter results, we expect earnings per share for 2010, exclusive of impairment and other special charges, to meet or exceed current expectations."

Cabela's Incorporated

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