Cabela's Inc. (CAB), a retailer of hunting, fishing and camping merchandise, on Tuesday said third-quarter profit increased significantly from the year-ago period, helped by higher revenues. The company also raised its earnings forecast for full year 2009.
The company's third-quarter net income increased to $18.77 million or $0.28 per share from $9.72 million or $0.15 per share in the prior year. On average, 12 analysts polled by Thomson Reuters expected earnings per share of $0.18 for the quarter. Analysts' estimate typically excludes one-time items.
Total revenue for the third quarter increased to $624.30 million from $611.80 million in the comparable period. Nine analysts estimated revenues of $623.39 million for the quarter.
Revenue from Merchandise sales grew to $574.18 million from $569.20 million, while Financial services revenue rose to $48.19 million from $41.90 million in the previous year. The company noted that retail store revenue increased 6.1% to $348.0 million led by a 3.5% increase in comparable store sales, while direct revenue decreased 6.2% to $226.2 million.
For the first three quarters of the fiscal, net income increased to $33.02 million or $0.49 per share from $26.96 million or $0.40 per share in the prior year. Total revenue increased to $1.713 billion from $1.673 billion in the previous year.
Looking ahead, for full year 2009, the company now expects earnings per share to increase at a mid-single-digit percentage rate. This compares to Cabela's previous forecast of full-year earnings per share to be roughly equal with 2008 levels.
The company now expects 2009 total revenue growth and comparable store sales to increase at a mid-single-digit percentage rate as compared to its prior guidance of a low single-digit percentage rate.
Analysts look for 2009 earnings of $1.17 per share on revenues of $2.58 billion.
CAB is currently trading at $14.35, down $0.25 or 1.68%, on 774,354 shares.
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