Cabela's Same-Store Sales Up in Q4

Sidney, Neb. Cabela’s Inc. reported that for its fourth quarter retail store revenue increased 6.9% to $429.5 million. Same-store sales increased 2.2% for the quarter.

However, direct revenue during the quarter decreased 8.2% to $410.4 million and financial-services revenue increased 0.7% to $38.1 million.

Consolidated revenue for the fourth quarter was $879.4 million compared to $889.5 million for the fourth quarter of 2007.

Net income for the fourth quarter of 2008 was $49.4 million compared to $56.2 million for the fourth quarter of 2007.

The company said fourth quarter 2008 results were negatively impacted by $5.8 million of restructuring and impairment charges and aided by an $8.7 million revenue benefit due to a change in estimate for breakage on gift cards.

Net income for 2008 was $76.4 million, compared to $87.9 million for 2007, while retail store revenue increased 23.2% to $1.29 billion in 2008. Same-store sales decreased 3.7%.

During 2008, the company opened new retail stores in Scarborough, Maine, and Rapid City, S.D., to end the year with 29 stores totaling 4.3 million sq. ft. of retailing space, a 5% increase over 2007.