Cabela’s profit surges 73% on guns and ammo sales
Sidney, Neb. -- Cabela’s first quarter profit rose 72.9%, topping expectations, on strong sales of firearms and ammunition. Net income rose to $49.8 million, up from $28.8 million in the year-ago quarter.
Revenue increased 28.7% to $802.5 million from $623.5 million last year. Analysts expected revenue of $770.5 million.
"First quarter results exceeded our expectations on every line of the income statement," said CEO Tommy Millner. "In addition to expected increases in firearms and ammunition sales, we saw particularly strong performance in softgoods and footwear.”