On Strong Results, Cabela's Announces Expansion
On the heels of strong second-quarter results, Cabela’s says it will open new stores in Saginaw, Mich. and Anchorage, its first expedition into Alaska. For the quarter, the Sidney, Neb.-based retailer says total revenue increased 11.6% to $627.3 million, with same-store sales rising 4.7%. And net income advanced to $33.9 million, compared to $21.7 million in the same period a year ago.
The company says its “next-generation” stores, which are significantly smaller, continue to generate higher revenue and profit per square foot, and that each of its three new stores opened this year exceeded expectations -- leading it to speed up its retail store growth plans and raise its earnings forecast.
The Saginaw store, it says, will be the smaller, new format, at about 43,000 square feet. The Anchorage store -- which is scheduled to open in spring of 2014 -- will be 100,000 square feet, with 200 employees, a large glass storefront, a 5,575-gallon aquarium, a gun library, Bargain Cave and Fudge Shop.