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Cabela's Inc reports Q1 results

05 May '06

3 min read

Cabela's Incorporated, the World's Foremost Outfitter(R) of hunting, fishing and outdoor gear, today reported financial results for its first fiscal quarter ended April 1, 2006.

Total revenue for the first quarter of fiscal 2006 increased 15.5% to a record $404.8 million compared to $350.6 million for the same period last year.

First quarter net income was $9.1 million, or $0.14 per diluted share, compared to $7.8 million, or $0.12 per diluted share for the same period a year ago.

During the first quarter of fiscal 2006, direct revenue decreased 0.8% to $228.9 million, primarily due to less intensive promotions in the quarter. Total retail revenue for the quarter increased 49.6% to $145.3 million, and same store sales decreased 0.3%.

The Company's Owatonna, Minnesota store was impacted in the first quarter by the Company's new store in Rogers, Minnesota. Financial services revenue increased 38.9% to $28.5 million for the first quarter of fiscal 2006.

On March 22, 2006, the Company and its wholly-owned bank subsidiary, World's Foremost Bank, changed the fee structure between the bank and the Company's other segments to more appropriately reflect current market conditions. This change was effective January 1, 2006.

This updated fee structure includes an increased fee for origination of new credit card accounts, an increase in the amount the bank pays for rewards earned by its cardholders and an additional fee paid for marketing.

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