Cabela’s Inc. Announces Second Quarter 2017 Results

Cabela’s Incorporated (NYSE:CAB) today reported financial results for the second quarter fiscal 2017.

  • Second Quarter GAAP Diluted EPS of $0.41 and Non-GAAP Diluted EPS of $0.53
  • Cabela’s CLUB® Avg. Receivables Grew 9.2%
  • Consolidated Retail Comparable Store Sales Decreased 9.3%
  • Merchandise Gross Margin Decreased 20 Basis Points to 32.7%
  • Cabela’s Incorporated (NYSE:CAB) today reported financial results for the second quarter fiscal 2017.

For the quarter, on a GAAP basis, total revenue decreased 4.2% to $890.4 million, revenue from retail store sales decreased 6.7% to $601.7 million, Internet and catalog sales decreased 3.9% to $135.7 million, and Financial Services revenue increased 9.0% to $147.2 million. For the quarter, comparable store sales decreased 9.3%.

For the quarter, net income decreased 24.9% to $28.3 million compared to $37.8 million in the year ago quarter, and earnings per diluted share were $0.41 compared to $0.55 in the year ago quarter. Adjusted for certain items, the Company reported second quarter net income of $36.7 million and earnings per diluted share of $0.53 as compared to net income of $40.8 million and earnings per diluted share of $0.59 in the year ago quarter. Second quarter 2017 GAAP results included impairment and restructuring charges and other items totaling a $0.12 reduction in earnings per diluted share. See the supporting schedules to this earnings release labeled “Reconciliation of GAAP Reported to Non-GAAP Adjusted Financial Measures” for a reconciliation of the GAAP to non-GAAP financial measures.

“Merchandise sales were challenging in the second quarter,” said Tommy Millner, Cabela’s Chief Executive Officer. “Since the fall election, we have continued to see a slowdown in firearms and shooting related categories. This slowdown was even more pronounced in the second quarter due to the impact of inventory liquidation by a major competitor who has filed for bankruptcy as well as the anniversary of a number of events from a year ago, including the Orlando tragedy in June of 2016. Additionally, similar to broader retail industry trends, we continued to experience softness in most hunting related categories. For the quarter, we were pleased with the excellent performance of our Cabela’s CLUB Visa program which continues to perform very well.”

read more/source: http://cabelas.gcs-web.com/news-releases/news-release-details/cabelas-inc-announces-second-quarter-2017-results

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