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SIDNEY, Neb. (AP) — Outdoor outfitter Cabela’s Inc. said Thursday that its second-quarter profit nearly doubled over last year when restructuring charges weighed down results.
The Sidney-based company said that it earned $18 million, or 26 cents per share.
That’s 98 percent higher than the $9.1 million, or 14 cents per share, Cabela’s reported a year ago.
Analysts had expected earnings of 22 cents per share.
Cabela’s CEO Tommy Millner said the company was proud that it had improved the profitability of its stores but was disappointed that revenue slipped 3.3 percent to $526 million.
Last year’s second-quarter results were hurt by $11.7 million in one-time charges.
Meanwhile, Cabela’s also announced Thursday that it is planning to open its second retail store in Canada.
Cabela’s expects to open the 70,000-square-foot Edmonton store in the fall of 2011, making it the second Cabela’s location in Canada.
A Winnipeg store opened in May 2008.
“We already have a growing, tremendously loyal customer base in Canada,” Millner said.
The Edmonton building’s exterior will reflect Cabela’s traditional store model with log construction, stonework, wood siding and metal roofing. A large glass storefront will allow customers to view much of the store’s interior as they approach the building.
The inside will highlight the company’s next-generation layout, which is designed to immerse customers in the outdoor experience and includes conservation-themed wildlife displays, trophy animal mounts, a gun library and a bargain cave. The store will also feature special interactive displays.
Construction is expected to begin in September 2010.
“We’re looking forward to being a part of the Edmonton community and Canada’s legendary culture of hunting, fishing and outdoor recreation,” said Millner. “We expect to draw an exceptional local workforce made up of people who enthusiastically enjoy their sporting heritage and have expert knowledge of the outdoors.”
This report includes material from Business Wire.
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