Cabela’s income up 28%; to accelerate expansion of smaller-store format
Sidney, Neb. – Cabela’s Inc. said Thursday that its net income rose 28% in the third quarter, in line with expectations, as the outdoor sporting goods retailer’s smaller store format outperformed its larger, standard format.
“The highlight of the quarter was the excellent performance of our new next-generation stores, which bodes well for our future,” said Tommy Millner, Cabela’s CEO. “The eight next-generation stores open for the full quarter outperformed our existing legacy store base in sales and profit per square foot by a wide margin. Additionally, same store sales from our next-generation stores exceeded the performance of our existing stores by several hundred basis points.”
For the three months ended Sept. 29, the company earned $42.8 million, compared with $33.3 million in the year-ago period.
Total revenue rose 9% to $741.17 million, below expectations, amid weaker demand for clothing and footwear. Same-store sales rose 3.9%.
Cabela’s said that it plans to accelerate expansion of its smaller format, as a result of the strong performance of its new stores. It also noted that all new locations going forward will follow the smaller, “next generation” format. The chain now expects to open eight of the smaller stores in 2014.
The new format ranges from about 80,000 sq. ft. to 125,000 sq. ft., compared with the chain’s standard 250,000 sq. ft. model.
West Elm to open South Coast Plaza store
Brooklyn, N.Y. — West Elm, a division of Williams-Sonoma, announced that it will open a store in South Coast Plaza on Nov. 2.
The store will feature a three-sided living wall and will be the first West Elm to open with the company’s newly announced West Elm Market shop-in-shop. Through a partnership with Etsy, it will also feature a collection of decorative accessories and art made by artists from the Orange County area.
Koala Kare Products featured on CNN
New York — Koala Kare Products, a division of Bobrick, and manufacturers of baby-changing stations and child-seating products, was featured in a segment on CNN entitled: “The battle over diapers in men’s rooms.”
“It is both amusing and important at the same time as the roles of moms and dads keep evolving,” stated Bonnie Yatkeman, marketing category manager at Koala Kare Products.
Click here to view the piece.