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Cabela’s misses on Q3 results, to open 13-15 stores annually going forward

10/23/2014

Sidney, Neb. –- Cabela’s Inc. missed Wall Street estimates for earnings and revenue in the third quarter of fiscal 2014. Net income rose 8% to $53.8 million from $49.9 million, dampened by provisions for income taxes.



The retailer said it plans to open 13-15 stores per year for the next several years.



Total revenue grew 4% to $886 million from $850.8 million, while same-store sales declined 11.2%, impacted by sluggish firearms and ammunition sales.



"We are less pleased that the rebound in revenue, following the firearms and ammunition surge of the last two years, is occurring slower than expected and as a result comparable store sales declined 11.2%,” said Tommy Milner, CEO of Cabela’s.



Cabela’s announced two specific planned new store openings in the new markets of League City, Texas; and Lexington, Kentucky. The 72,000-sq.-ft. League City store will anchor a new retail development, with construction on the store beginning later in 2014 with a fall 2015 opening. Cabela’s plans to hire 170 employees.



The 70,000-sq.-ft. Lexington store will be located in the new Hamburg Place II retail development and open in spring 2016, with 160 planned new employees.
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