World's Foremost Outfitter of hunting, fishing, and outdoor gear, Cabela's Incorporated reported financial results for its third fiscal quarter ended October 1, 2005.
Total revenue for the third quarter of fiscal 2005 increased 12.0 percent to another record for Cabela's of $429.8 million compared to $383.8 million for the same period last year. Third quarter net income was $16.3 million, or $0.25 per diluted share, compared to $16.5 million, or $0.25 per diluted share, for the same period a year ago. Net income for the third quarter was negatively impacted by the timing of promotional events, additional store pre-opening expenses and increased fuel prices.
During the third quarter of fiscal 2005, direct revenue was similar to last year at $220.2 million. Total retail revenue increased 23.1 percent to $173.0 million and same store sales decreased 8.7 percent. Financial services revenue increased 46.0 percent to $32.5 million for the third quarter of fiscal 2005.
Total revenue for the nine months ended October 1, 2005, increased 15.1 percent to $1.124 billion compared to $976.9 million for the same period last year. Net income for the nine months was up 13.3 percent to $30.1 million, or $0.45 per diluted share, compared to $26.5 million, or $0.43 per diluted share, for the nine months ended October 2, 2004.
Dennis Highby, Cabela's President and Chief Executive Officer, commented, 'As they previously announced, their third quarter revenues were primarily impacted by higher fuel prices and the recent hurricanes, both of which affected their consumers' buying patterns. Despite the challenging retail environment, they are confident that they will have modest growth in net income in the fourth quarter. This represents a change from their previous annual guidance.'
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