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

12 Aug '05

4 min read

Mr. Highby continued, "The second quarter was an exciting period for our company as we successfully opened two new destination retail stores in Texas. Both our Fort Worth and Buda locations are off to a solid start, which gives us a heightened degree of confidence as we enter new markets later this year, including Lehi, Utah in August and Rogers, Minnesota in October. We also put in place a series of strategic initiatives aimed at enhancing our infrastructure and improving our overall retail operations, including the installation of a new labor scheduling system and the implementation of a new on-line training platform for our store associates. We take great pride in our world class level of service and we continually look at ways to improve our processes and better serve our customers."

"Over the past several months we have taken a number of important steps to increase our liquidity and more efficiently utilize our balance sheet to better support our future growth plans," continued Mr. Highby. "During the quarter we signed a new five-year $325 million credit facility. We also completed $21 million in sales of land near our Buda, Dundee, Wheeling and Mitchell locations. Furthermore, we have made significant progress with regard to the monetization of certain of our economic bonds. We expect to receive approximately $57 million within the next few weeks from the municipality involved with our Kansas City store as a result of the retirement of Cabela's owned bonds related to that location."

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