Cabela's sees profit plummet by half in first quarter

Sidney, Neb. -- With last year’s strong first quarter fueled by a firearms and ammunition sales surge, outdoor retailer Cabela’s Inc. saw this year’s quarter end on a less stellar note.



Revenue in the first quarter fell 9.6% to $725.8 million; retail store revenue decreased 9.4% to $440.9 million. Same-store sales plunged 21.7%, compared to the same period last year.



Net income was $25.7 million, compared to $49.8 million in the year-ago quarter.



CEO Tommy Millner cautioned that the dips were not unexpected and said growth and expansion remain in the company plan.



“With continued strong new store performance, retail store expansion remains on track with plans to open approximately one million square feet per year for the next several years,” said Millner.