FINANCE

Cabela’s profit surges 73% on guns and ammo sales

BY Marianne Wilson

Sidney, Neb. — Cabela’s first quarter profit rose 72.9%, topping expectations, on strong sales of firearms and ammunition. Net income rose to $49.8 million, up from $28.8 million in the year-ago quarter.

Revenue increased 28.7% to $802.5 million from $623.5 million last year. Analysts expected revenue of $770.5 million.

"First quarter results exceeded our expectations on every line of the income statement," said CEO Tommy Millner. "In addition to expected increases in firearms and ammunition sales, we saw particularly strong performance in softgoods and footwear.”

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FINANCE

Weis Markets ups cap ex budget to support remodels and tech investments

BY Marianne Wilson

Sunbury, Pa. — Weis Markets announced it would invest $135 million in its 2013 capital expenditure program, an 8% increase compared to the year prior.

“To position our company for continued growth, we have made record investments in our store base,” and vice chairman Jonathan H. Weis, at the company’s annual shareholder meeting. “Look for more of the same in 2013 when we increase our Cap Ex investment to $135 million – an 8% increase compared to 2012 – and a 33% increase compared to 2011.”

In 2013, the company is planning 37 major projects including four new stores, 15 major remodels and 17 remodels.

“By the end of 2013, we will have invested nearly half a billion dollars in our growth and will have completed more than 100 projects. Our cap ex program also includes record level investments in our information technology infrastructure,” said company president and CEO David J. Hepfinger “Improving our decision support and measurement capabilities are essential to our growth and future profitability.”

According to Hepfinger, supply chain and improving service are also key areas of focus for the retailer.

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Starbucks’ Q2 profit tops estimates

BY Marianne Wilson

Seattle — Starbucks Coffee Company reported that its second-quarter profit rose 26% to $390.4 million, up from $309.9 million last year, amid sales increases in the Americas and Asia regions.

Total net revenue for the quarter ended March 31, 2013, rose 11% to $3.56 billion, not quite the $3.58 billion Wall Street expected. Global same-store store sales grew 6%, driven by a 4% increase in traffic and a 2% increase in average ticket, marking the 13th consecutive quarter of global comp growth greater than 5%.

Same-store sales increased 6% in the Americas region and 8% in China and Asia Pacific. In Europe, it fell 2%.

Starbucks added 590 net new stores globally in the quarter. The company plans to open approximately 1,650 net new stores globally, reiterating the previous target of 1,300 Starbucks locations and including 350 Teavana stores acquired and to be opened in the year

"Starbucks record operating performance in Q2 continues to demonstrate the underlying strength and resilience of our expanding global business, and the increasing relevance of the Starbucks brand to consumers all around the world,” said Howard Schultz, chairman, president and CEO. “Innovation and an enhanced customer experience drove strong comp sales and revenue growth, while a laser focus on improving efficiency and controlling costs enabled us to deliver record margins and earnings. Starbucks has never been better positioned to achieve the aspirational goal we have set of becoming one of the world’s most respected, admired and enduring brands.”

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