Cabela's beats Street with Q2 results; announces openings in Michigan and Alaska

Sidney, Neb. -- Outdoor-gear retailer Cabela's Inc. reported Thursday that net income for the second quarter increased to $33.9 million, from $21.7 million in the year-ago period.

Total revenue rose 11.6% to $627.3 million, boosted by a 17% rise in retail store revenue – to $384.7 million. Analysts forecasted total revenue of $606.3 million.

Same-store sales increased 4.7%.

"This strong performance is company-wide and shows that our strategic initiatives have generated major improvements in our business," said Tommy Millner, CEO. “Each of our three new stores opened this year exceeded our expectations in the quarter, which reinforces our decision to accelerate retail store expansion."

Cabela’s on Thursday announced it would open a store in Saginaw, Mich., in spring 2013, and a store in Anchorage in spring 2014.
 
The 43,000-sq.-ft. Saginaw store is slated to start construction this fall; its opening – in a former Circuit City building -- will mark the state’s third Cabela’s. It is also the retailer’s second planned Cabela’s Outpost Store, joining the Union Gap, Wash., location scheduled to open this fall.
 
The smaller-format Outpost stores are designed for underserved markets that are too small to support a full-size Cabela’s store.
 
In Anchorage, the retailer will open a full-size 100,000-sq.-ft. store, which represents the chain’s state debut. Construction is slated to start next spring.
 
In addition to next-generation stores scheduled to open this summer in Charleston, W.Va., and Rogers, Ark., and the first Outpost store to open in Union Gap, Wash., Cabela’s has announced plans to open six next-generation stores in 2013 – Columbus, Ohio; Grandville, Mich.; Louisville, Ky.; Thornton, Colo.; Lone Tree, Colo.; and Green Bay, Wis.