Cabela's posts 1Q sales increase

SIDNEY, Neb. Cabela's posted total revenue of $535.5 million for its first quarter ended March 29, an increase of 15.9% over last year's $462.1 million.

Net income for the quarter increased 39.4% to $10 million, or 15 cents per diluted share, compared to $7.1 million, or 11 cents per diluted share, for the like 2007 period.

"We are very pleased with our 70% growth in consolidated operating income for the first quarter of the year, despite ongoing challenges in the consumer environment," said president and ceo Dennis Highby. " ... We remain focused on improving retail store profitability and are already seeing positive benefits from initiatives we put in place last year. We have improved four-wall contribution and lowered inventory per square foot in our comp stores. At the same time, we remain on track with our store expansion plans and expect to open a new store in Scarborough, Maine, on May 15 and another in Rapid City, S.D., in August.

"We are committed to taking the necessary steps to improve our business across the board and are pleased with the traction we are getting with our initiatives to drive retail profit improvement,"  continued Highby. "We remain confident our leadership position in the marketplace will afford us significant growth opportunities well into the future."