Sidney, Neb. Cabela’s reported Tuesday record third-quarter results that included a net income rise of 93% to $18.8 million, compared with $9.7 million in the year-ago quarter.
The retailer also reported retail store revenues up 6.1% to $348 million as well as a 3.5% rise in same-store sales.
Total revenue for third quarter 2009 increased 2.0% to $624.3 million.
“We are delighted that several of our strategic initiatives showed early signs of improvement during the third quarter,” said Tommy Millner, Cabela’s CEO. “These initiatives are improving the profitability of our retail stores, increasing returns on capital through better balance sheet management, improving inventory levels, and increasing profitability at World’s Foremost Bank while preserving the brand loyalty of our cardholders.”
Capital expenditures during the quarter were $8 million, according to the company, which said it expects capital expenditures for the year to be $40 million to $50 million.
“As we look ahead into the fourth quarter, we are encouraged by the strength we are seeing in sales in the first four weeks of the quarter,” Millner said.