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Nebraska-based outdoor gear retailer's same store sales up

23
Feb '07
Total revenue for the fourth fiscal quarter of 2006 increased 15.6% to $781.0 million compared to $675.4 million for the fourth fiscal quarter of 2005. Net income for the fourth fiscal quarter of 2006 increased 25.5% to $53.4 million, or $0.80 per diluted share, compared to $42.5 million, or $0.64 per diluted share, for the fourth fiscal quarter of 2005.

The Company had a strong fourth fiscal quarter in each of its business segments compared to the same period a year ago. Direct revenue increased $25.2 million, or 6.2%, to $432.4 million; total retail revenue increased 27.3% to $304.9 million with a same store sales increase of 1.7%; and financial services revenue increased 33.1% to $38.5 million.

"Our record fourth quarter results represent an extremely gratifying way to end another important year for Cabela's," said Dennis Highby, Cabela's President and Chief Executive Officer. "During the quarter, we generated solid gains across all our business segments, and this positive momentum continues as we enter fiscal 2007."

Total revenue for fiscal 2006 increased 14.7% to a Company record of $2.06 billion compared to $1.80 billion in fiscal 2005. Net income for fiscal 2006 increased 18.2% to $85.8 million compared to $72.6 million for fiscal 2005. Earnings per share increased 17.3% to $1.29 per diluted share compared to $1.10 per diluted share for fiscal 2005.

Each of the Company's three main business segments grew in fiscal 2006 compared to fiscal 2005. Direct revenue increased 4.2% to $1.09 billion; retail revenue increased 32.3% to $820.3 million with a same store sales increase of 1.3%; and financial services revenue increased 29.9% to $137.4 million. During fiscal 2006, the Company opened four new destination retail stores to end the year with 18 stores with approximately 2.7 million retail square feet, representing a 29% increase in square footage over fiscal 2005.

"We are particularly pleased with the many accomplishments achieved throughout the year," Highby said. "Financially, we surpassed the $2 billion revenue mark, increased diluted EPS by over 17%, and achieved our mid-teens growth targets. In addition, our operating margin increased to 7.0% for fiscal 2006 compared to 6.4% for fiscal 2005. We anticipate continued improvement in our operating margin for full fiscal year 2007."


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