Sidney, Neb. — Net income and revenue increased at Cabela’s during the fourth quarter and full fiscal year 2013. For the quarter, net income rose 18% year-over-year to $80.1 million from $68 million, and for the year grew 29% to $224.4 million from $173.5 million.
Meanwhile, revenue increased 3% during the quarter, to $1.08 billion from $1.05 billion, and 14% during the year, to $3.2 billion from $2.8 billion. Same-store sales dropped 3.5% during the quarter Tommy Millner, CEO of Cabela’s, said soft same-store, ammunition and holiday sales led to fourth quarter growth that did not meet expectations.
"Cabela's revenue and earnings per share for the full year grew at a double-digit rate for the fifth consecutive year," said Millner, Cabela’s CEO. "However, results for the fourth quarter did not meet our expectations, which were set earlier under more robust conditions. Specifically, the two biggest short-term factors affecting results in the quarter were a much sharper than expected decline in ammunition sales as compared to last year’s surge and a softer than expected holiday season as evidenced elsewhere. On the other hand, comparable store sales excluding firearms and ammunition were down 3.5% with positive comparable store sales in hunting apparel, men’s casual apparel, footwear and non-shooting related hunting equipment in the quarter."