Sidney, Neb. Sporting enthusiasts are still shoppingâ€”at least at recreation retailer Cabelaâ€™s. Total revenue in the first quarter of Cabelaâ€™s 2008 fiscal year was 15.9% above the same period last year, $535.5 million vs. $462.1 million in fiscal 2007.
However, same-store sales dipped 8.4% and revenue from direct sales dropped 0.6% to $236.5 million. Total store revenue was up 37.7% to $254.4 million and revenue from financial services grew 13.9%Â to $40.7 million.
Net income also increased in the first fiscal quarter, growing 39.4% to $10.0 million, compared to $7.1 million for the first fiscal quarter of 2007.
In the retailerâ€™s prepared statement, Cabelaâ€™s president and chief executive Dennis Highby, stated, "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."
Cabelaâ€™s has reduced inventory per square foot in its stores and plans to open a new store in Scarborough, Maine, on May 15, and another in Rapid City, South Dakota, in August.