Cabela's net income up 59% in first quarter
Total adjusted revenue at Cabela's, an outdoor recreation retailer, increased 5.1% year-over-year for the first quarter of 2010 to $559.6 million. Adjusted revenue from direct increased 2.1% to $222.7 million. Net income in the first quarter increased 59% to $8.1 million compared with the same period in 2009.
Direct revenue -- which includes catalog sales and e-commerce -- as reported for the quarter decreased 1.2% from the prior year. The retailer's revenue was adjusted for the dispositions of Wild Wings and Van Dyke's taxidermy business, which were both sold last fall.
Tommy Millner, CEO of Cabela's, said in the company's May 4 earnings release that the company saw Internet-based growth during the quarter.
“As the Internet continues to be the growing preferred shopping channel for our direct customers, it is encouraging to see us capitalize on this trend,” he said. “Additionally, ongoing improvements in catalog productivity as well as improved operating efficiencies in our retail stores contributed to expense reductions in the quarter.”
Millner said that earnings for the rest of 2010 should “meet or exceed current expectations.”