Cabela's Incorporated Reports Unaudited Consolidated Financial Results for the Second Quarter and Half Year Ended June 28, 2014; Reports Net Charge-Offs on Credit Card Loans for the Second Quarter Ended June 28, 2014; Provides Financial Guidance for the Third Quarter 2014; Reaffirms Financial Guidance for the Full Year 2014
Jul 24 14
Cabela's Incorporated reported unaudited consolidated financial results for the second quarter and half year ended June 28, 2014. For the quarter, total revenue was $761,201,000 against $756,805,000 a year ago. Operating income was $71,991,000 against $66,935,000 a year ago. Income before provision for income taxes was $67,391,000 against $64,129,000 a year ago. Net income was $43,517,000 or $0.61 per basic and diluted share against $44,545,000 or $0.62 per diluted share a year ago. Non-GAAP operating income was $72,632,000 against $66,672,000 a year ago. Non-GAAP income before provision for income taxes was $68,032,000 against $63,866,000 a year ago. Non-GAAP net income was $43,933,000 or $0.61 per diluted share against $44,367,000 or $0.62 per diluted share a year ago. Cash flow from operations was $47 million, compared to $183 million in the same period a year ago. The majority of the change in cash flow from operations is due to a timing difference of -- at Cabela's CLUB related to the daily settlement of customers charges as the year ago quarter of the CLUB ended on a weekend.
For the half year, total revenue was $1,487,024,000 against $1,559,302,000 a year ago. Operating income was $112,844,000 against $146,050,000 a year ago. Income before provision for income taxes was $106,661,000 against $139,427,000 a year ago. Net income was $69,266,000 or $0.96 per diluted share against $94,392,000 or $1.32 per diluted share a year ago. Non-GAAP operating income was $113,485,000 against $145,787,000 a year ago. Non-GAAP income before provision for income taxes was $107,302,000 against $139,164,000 a year ago. Non-GAAP net income was $69,682,000 or $0.96 per diluted share against $94,214,000 or $1.32 per diluted share a year ago.
For the quarter, net charge-offs on credit card loans was $15,864,000 against $15,879,000 a year ago.
The company expects third quarter 2014 revenue to increase at a high single-digit to low double-digit rate and earnings per diluted share to be between $0.80 and $0.90.
The company reaffirms previous full year 2014 guidance and continue to expect 2014 earnings per diluted share to increase at a high single-digit to low double-digit rate against 2013 adjusted earnings per diluted share of $3.32. With accelerating store growth plans, The company expects full year 2014 capital expenditures to be between $400 million and $450 million. Cash flow from operations is expected to be between $300 million and $350 million for 2014.
Cabela's Incorporated Plans to Bring its Retail Experience to Customers in Calgary, Alberta and the Surrounding Area
Jul 8 14
Cabela's Incorporated announced plans to bring the Cabela's retail experience to customers in Calgary, Alberta and the surrounding area. Construction is scheduled to begin later 2014 and Cabela's Canada plans to open the store in the fall of 2015. The 70,000-square-foot store will be located adjacent the Deerfoot Mall near the intersection of Deerfoot Trail NE and 64 Avenue NE. The Deerfoot Mall is currently under plan review as an open air shopping center redevelopment project. It will be Cabela's third location in Alberta, joining the 70,000-square-foot and 50,000-square-foot Edmonton locations opened in 2011 and May of this year. It is expected to employ approximately 180 full-time and part-time employees. Most will come from Calgary and the surrounding area. The store will be built in Cabela's next-generation layout, designed to surround customers in an outdoor-like experience with museum-quality wildlife displays and a large mountain replica. In addition to thousands of quality outdoor products, the store will include an indoor archery range and archery tech room, Bargain Cave and Fudge Shop.