The segment information reported for the first quarter of fiscal 2006 reflects this change as if it had taken place in all periods presented.
Recasted segment results for each quarter of fiscal 2005, fiscal year 2005 and fiscal year 2004 have been filed as an exhibit to our Form 8-K filed today and will be available on our website.
"Our solid first quarter results reflect the continued rapid growth of our retail business, the ongoing strength in our financial services segment and the continuing expansion of our operating margin," said Dennis Highby, Cabela's President and Chief Executive Officer.
"Revenue in our direct business decreased slightly during the first quarter of 2006 compared to the first quarter of 2005. This decrease was due to a higher level of promotional activity in the first quarter last year.
However, we remain pleased with the pace of our direct business and expect positive gains for the remainder of the year."
"During the quarter, we also announced two additional new stores; Adairsville, Georgia and Montreal, Quebec," Highby said. "Both large-format stores represent the first Cabela's retail store in those areas, and we are extremely excited to bring the Cabela's experience to both the Southeastern United States, as well as Canada. In fiscal 2006, we expect to open a total of four stores, bringing our store total to eighteen at year end."
Mr. Highby concluded, "We remain committed to further building our leadership position in the marketplace and fully capitalizing on the many opportunities that still lie ahead. As we enter the second quarter, we are encouraged by the momentum of our business and are confident we will achieve our long-term top and bottom line mid-teens growth rates for fiscal 2006."
Cabela's Incorporated, headquartered in Sidney, Nebraska, is the world's largest direct marketer, and a leading specialty retailer, of hunting, fishing, camping and related outdoor merchandise.
Since the Company's founding in 1961, Cabela's has grown to become one of the most well-known outdoor recreation brands in the world, and has long been recognized as the World's Foremost Outfitter.
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