US-based specialty retailer Cabela’s has posted a 9.2% increase in total revenue to $741.2m in the third quarter of fiscal 2012, compared to the corresponding period a year ago.
Retail store revenue jumped 15.8% to $456m in the quarter, while direct revenue decreased 6.7% to $196.8m. In the same quarter, Financial Services revenue climbed 20.3% to $85.9m.
Comparable store sales advanced 3.9% in the reporting quarter from the comparable quarter a year earlier.
Net income surged 28% to $42.8 from $33.3m in the year ago quarter.
Commenting on Q3 2012 results, Cabela’s chief executive officer Tommy Millner said highlight of the quarter was the excellent performance of their new next-generation stores.
"The eight next-generation stores open for the full quarter outperformed our existing legacy store base in sales and profit per square foot by a wide margin," Millner added.
"Additionally, same store sales from our next-generation stores exceeded the performance of our existing stores by several hundred basis points," he added.
Recently, the company opened two next-generation stores in Charleston, West Virginia, and Rogers, Arkansas, and its first smaller store, Outpost, in Union Gap, Washington.
Of the 40 stores open today, eleven are either next-generation or Outpost stores, and according to the firm, all future outlets will be in one of these formats.
"We now expect to open eight domestic next-generation stores in 2014," Millner noted.
Of these eight stores, three have been previously announced, four new locations were approved at or prior to the October Board of Directors meeting and one is expected to be approved shortly.
Headquartered in Sidney, Nebraska, Cabela’s is a specialty retailer, and the direct marketer, of hunting, fishing, camping and related outdoor merchandise.