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Cabela's Q2 retail profits grow 13.2% at $109.2mn

12
Aug '05

Quality outdoor clothing and hunting accessories retailer Cabela's Incorporated reported second quarter results.

Cabela's Incorporated confirmed record financial results for its second fiscal quarter ended July 2, 2005.

Total revenue for the second quarter of fiscal 2005 increased 23.2% to a record $343.9 million compared to $279.1 million for the same period last year. Second quarter net income increased to $6.0 million, or $0.09 per diluted share, compared to $2.0 million, or $0.03 per diluted share for the same period a year ago.

As a result of the Company's initial public offering, weighted average diluted shares outstanding increased 10.6% to 66.3 million for the second quarter of fiscal 2005 compared to 59.9 million for the second quarter of fiscal 2004.

During the second quarter of fiscal 2005, direct revenue increased 10.5% to a record $183.2 million. Total retail revenue increased 13.2% to $109.2 million and same store sales decreased 6.0%, due in part to the strong performance, during the second quarter of fiscal 2004, of the Company's Hamburg, Pennsylvania, retail store. The Hamburg store contributed 2.8% to the same store sales decline. Financial services revenue increased 103.0% to $30.4 million for the second quarter of fiscal 2005.

Dennis Highby, Cabela's President and Chief Executive Officer commented, "We are extremely pleased with the second quarter performance, which exceeded expectations. Importantly, all threeof company operating segments achieved double-digit revenue gains, and we experienced increases in both our consolidated gross margin and consolidated operating margin. However, operating margin in our retail segment decreased primarily due to new store pre-opening costs. Based on our strong momentum heading into the key fall and winter selling seasons, we are confident we will achieve our long-term top and bottom line mid-teens growth rates for fiscal 2005."

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