Cabela's comp-store sales rise 8.2% in Q1, profit drops

Sidney, Neb. Cabela’s reported Thursday that the first quarter of fiscal 2009 retail-store revenue increased 8.3% to $275.5 million. Same-store sales recorded an 8.2% increase, but direct revenue decreased 4.7% to $225.4 million, and financial-services revenue decreased 16.7% to $33.9 million.

Total revenue for first quarter 2009 increased 0.7% to $539.5 million, compared with $535.5 million for first quarter 2008.

“We are very pleased with the revenue growth we achieved during the quarter,” said Thomas Millner, Cabela’s CEO. “Our 8.2% same-store sales increase in the quarter is a strong validation of the strength of our brand and the loyalty of our customers.”

Net income for first quarter 2009 was $5.1 million, compared with $10.0 million in first quarter 2008. Compared with first quarter 2008, net income for first quarter 2009 was adversely impacted by $14.7 million (pretax) of additional bad-debt expense, which reduced securitization income, Millner said.