Cabela’s beats Street with revenue and profit surges, 13 new stores planned for 2015
Sidney, Neb. — Cabela's Inc. saw profit rise 6.9% to $27.5 million in the first quarter, topping Wall Street expectations. Revenue of $827.1 million, a 14% increase, also exceeded Street forecasts.
By segment, retail store revenue increased 18.9% to $524.4 million; direct revenue decreased 3.3% to $173.5 million; and Financial Services revenue increased 24.7% to $122.9 million.
During the period, consolidated same-store sales decreased 1.3%.
“Our new format stores continue to significantly outperform our legacy stores in sales and profit per square foot,” CEO Tommy Millner said.
Millner said the outdoor retailer plans to accelerate the pace of its new store openings.
“During the first quarter, we opened two new stores and plan to open a total of five stores in the second quarter, four stores in the third quarter, and two stores in the fourth quarter,” he said.
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