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Cabela's posts Q4 2007 results, to open two stores in 2008
22 Feb '08
3 min read
During fiscal 2007, the Company opened eight new retail stores and acquired S.I.R. Warehouse Sports in Winnipeg, Canada, to end the year with 27 stores with 4.0 million retail square feet, representing a 49% increase in square footage over fiscal 2006.
"While fiscal 2007 was a challenging year, we are taking a number of steps to solidify our business strategy and improve our financial performance," Mr. Highby continued.
"As we move forward, our primary objective is to improve our retail results, and in doing so, our focus will be on strengthening our retail store operations, improving our promotional activity to preserve margins, improving our merchandise and inventory management and augmenting our advertising strategy to maximize opportunities across all of our business channels. As previously announced, we are also slowing our retail store expansion to allow us to focus more on our existing store base."
The Company expects to open two stores in 2008. Scarborough, Maine, is expected to open in the second quarter and Rapid City, South Dakota, is expected to open in the third quarter. Current plans call for two additional stores to be opened in 2009.
As a result of the decision to slow retail store expansion and concentrate on improving the Company's existing operations, the Company now anticipates earnings per share for 2008 will grow at a mid-single digit rate.
For 2008, capital expenditures, including purchases of economic development bonds to fund the Company's retail store expansion, are expected to be $100-125 million, as compared to approximately $372 million in 2007. As a result of reduced capital expenditures, the Company expects its recently completed $57 million senior note offering combined with cash flow from operations to be sufficient to fund its capital expenditures for 2008.
"Our multi-channel business model and strong brand name affords us substantial growth opportunities well into the future," Mr. Highby concluded.
"While fiscal 2007 was a challenging year, we are taking a number of steps to solidify our business strategy and improve our financial performance," Mr. Highby continued.
"As we move forward, our primary objective is to improve our retail results, and in doing so, our focus will be on strengthening our retail store operations, improving our promotional activity to preserve margins, improving our merchandise and inventory management and augmenting our advertising strategy to maximize opportunities across all of our business channels. As previously announced, we are also slowing our retail store expansion to allow us to focus more on our existing store base."
The Company expects to open two stores in 2008. Scarborough, Maine, is expected to open in the second quarter and Rapid City, South Dakota, is expected to open in the third quarter. Current plans call for two additional stores to be opened in 2009.
As a result of the decision to slow retail store expansion and concentrate on improving the Company's existing operations, the Company now anticipates earnings per share for 2008 will grow at a mid-single digit rate.
For 2008, capital expenditures, including purchases of economic development bonds to fund the Company's retail store expansion, are expected to be $100-125 million, as compared to approximately $372 million in 2007. As a result of reduced capital expenditures, the Company expects its recently completed $57 million senior note offering combined with cash flow from operations to be sufficient to fund its capital expenditures for 2008.
"Our multi-channel business model and strong brand name affords us substantial growth opportunities well into the future," Mr. Highby concluded.
Cabela's Incorporated
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