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Build-A-Bear Workshop narrows loss in Q2; focused on new store design and global growth

BY Katherine Boccaccio

St. Louis — Build-A-Bear Workshop reported Thursday a loss of $8.3 million for the quarter ended June 30, compared with a $10.7 million loss in the year-ago period.

Retail sales dipped 1.8% and same-store sales declined 1.7%.

CEO Maxine Clark said she is focused on the future. “In just over a month, we will open our first newly imagined store design in St. Louis with five additional stores opening in major U.S. markets in the following weeks.”

Clark reiterated the chain’s 2012 objectives – to introduce the new store design in six new stores starting in September; to close identified underperforming stores and transfer a percentage of the sales to other stores in the same markets; reduce square footage of some stores through mall relocations; and increase global presence with 10 to 12 net new international franchise locations in 2012.

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Cabela’s beats Street with Q2 results; announces openings in Michigan and Alaska

BY Katherine Boccaccio

Sidney, Neb. — Outdoor-gear retailer Cabela’s Inc. reported Thursday that net income for the second quarter increased to $33.9 million, from $21.7 million in the year-ago period.

Total revenue rose 11.6% to $627.3 million, boosted by a 17% rise in retail store revenue – to $384.7 million. Analysts forecasted total revenue of $606.3 million.

Same-store sales increased 4.7%.

"This strong performance is company-wide and shows that our strategic initiatives have generated major improvements in our business," said Tommy Millner, CEO. “Each of our three new stores opened this year exceeded our expectations in the quarter, which reinforces our decision to accelerate retail store expansion."

Cabela’s on Thursday announced it would open a store in Saginaw, Mich., in spring 2013, and a store in Anchorage in spring 2014.

The 43,000-sq.-ft. Saginaw store is slated to start construction this fall; its opening – in a former Circuit City building — will mark the state’s third Cabela’s. It is also the retailer’s second planned Cabela’s Outpost Store, joining the Union Gap, Wash., location scheduled to open this fall.

The smaller-format Outpost stores are designed for underserved markets that are too small to support a full-size Cabela’s store.

In Anchorage, the retailer will open a full-size 100,000-sq.-ft. store, which represents the chain’s state debut. Construction is slated to start next spring.

In addition to next-generation stores scheduled to open this summer in Charleston, W.Va., and Rogers, Ark., and the first Outpost store to open in Union Gap, Wash., Cabela’s has announced plans to open six next-generation stores in 2013 – Columbus, Ohio; Grandville, Mich.; Louisville, Ky.; Thornton, Colo.; Lone Tree, Colo.; and Green Bay, Wis.

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Cabela’s delivers strong revenue growth in Q2

BY CSA STAFF

SIDNEY, Neb. — Revenues rose 11.6% to $627.3 million at Cabela’s during its second quarter, consisting of a 16.9% increase in store revenue, a 0.7% decrease in direct revenue and a 12.8% increase in financial services revenue. Same-store sales rose 4.7%.

Net income for the quarterr increased to $33.9 million compared with $21.7 million and earnings per diluted share were 47 cents compared with 31 cents, each compared with the year ago quarter.

"This strong performance is company-wide and shows that our strategic initiatives have generated major improvements in our business," said Tommy Millner, Cabela’s CEO. "Every key line of our income statement benefited. Retail and Direct channel revenue, merchandise margin, operating margin, expenses as a percentage of revenue, inventory turns, earnings per share and return on capital all improved."

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