Cabela’s Q1 profit up on strong sales
Sidney, Neb. -- Cabela's said Thursday that stronger revenue helped its fiscal first-quarter profit more than double from results weighed down by a hefty charge a year ago.
The reported net income of $17.8 million in the three months ended April 2, up from $8.1 million a year earlier.
The year-ago period included an $11.9 million charge related to a 2009 FDIC compliance examination.
Revenue increased 5% to $586.7 million, from $559.6 million. Same-store sales rose 8.9%.
In a statement, CEO Tommy Millner sales rose at each of the company's 29 stores open at least a year -- the first time this has happened at the company.