Sidney, Neb. -- Cabela’s Inc. reported Thursday a fourth-quarter net income of $69.8 million, compared with $66.3 million last year. The company also announced plans to open a smaller-sized format, called Cabela’s Outpost Store, designed for markets with less than 250,000 people.
For the quarter ended Dec. 31, 2011, Cabela’s revenue, increased 5.4% to $983.7 million, and same-store sales rose 1.7%. Retail store revenue increased 9.8% to $525.6 million.
For the full year, net income increased 24% to $150.8 million compared to $121.3 million last year.
"Over the past three years, we have focused on improving profitability and after-tax return on invested capital, enabling us to accelerate growth initiatives," said Tommy Millner, CEO, Cabela's.
The company expects to open five stores in North America in 2012, in addition to its first Outpost outlet, increasing retail square footage approximately 10%. The first Outpost store is slated to open this fall in Union Gap, Wash.
The Outpost stores will be built with Cabela’s signature rugged outdoor look and theme and will feature seasonal product assortments in an innovative “Core Flex” flexible floor plan, which will change to meet seasonal demands and provide a different look throughout the year. Revolutionary digital signage will complement the interior layout.
“We believe Cabela’s Outpost Stores will be perfectly suited to – and will be particularly successful in – the western United States and Canada,” Millner said. “We have more Cabela’s Outpost Stores on the planning table, but we can’t reveal those locations just yet.”
Looking ahead to 2013, the company expects to increase retail square footage 11%-13% with the opening of six stores and up to three additional Outpost stores.
Cabela’s also said it is relocating its store in Winnipeg, Canada, moving from a 44,000-sq.-ft. location to a new 80,000-sq.-ft. structure. Construction is scheduled to begin this spring with opening slated for spring 2013.