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Cabela's total revenue up by 15.9%

May '08
Cabela's Incorporated, the World's Foremost Outfitter of hunting, fishing and outdoor gear, reported financial results for its first quarter ended March 29, 2008.

Total revenue for the first fiscal quarter of 2008 increased 15.9% to $535.5 million compared to $462.1 million for the first fiscal quarter of 2007. Net income for the first fiscal quarter of 2008 increased 39.4% to $10.0 million, or $0.15 per diluted share, compared to $7.1 million, or $0.11 per diluted share, for the first fiscal quarter of 2007.

In the first fiscal quarter of 2008, retail store revenue increased 37.7% to $254.4 million with a same store sales decrease of 8.4%; direct revenue decreased 0.6% to $236.5 million; and financial services revenue increased 13.9% to $40.7 million.

"We are very pleased with our 70 percent growth in consolidated operating income for the first quarter of the year, despite ongoing challenges in the consumer environment," said Dennis Highby, Cabela's President and Chief Executive Officer. "We are particularly encouraged by operating income increases of 55 percent in our retail segment and 3 percent in our direct segment.

We were able to drive meaningful operating margin expansion in each division due to improved gross margins and expense management. Additionally, our financial services business outperformed our top and bottom line expectations during the quarter. Performance of our managed credit card portfolio with regard to delinquenciesand charge-offs was in line with our expectations."

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