Cabela's Incorporated, the World's Foremost Outfitter of hunting, fishing and outdoor gear, today reported financial results for its second fiscal quarter ended June 30, 2007.
Total revenue for the second quarter of 2007 increased 16.5% to $451.2 million compared to $387.3 million for the second fiscal quarter of 2006. Net income for the second quarter of 2007 increased to $11.3 million, or $0.17 per diluted share, compared to $8.4 million, or $0.13 per diluted share, for the second fiscal quarter of 2006.
The Company had strong second quarter revenues in each of its business segments compared to the same period a year ago. Direct revenue increased $8.9 million, or 4.5%, to $203.9 million; and financial services revenue increased 24.2% to $41.0 million.
Total retail revenue increased 31.8% to $199.6 million, which included a same store sales decrease of 0.8%. The Company has seen an improvement in same store sales early in the third quarter and remains focused on generating positive same store sales for the year.
"During the second quarter, we generated significant sales and profit gains across each business segment," said Dennis Highby, Cabela's President and Chief Executive Officer.
"We were particularly pleased with our ability to achieve a 130 basis point increase in merchandise gross margin, which helped drive a 200 basis point increase in operating margin in our direct business and a 20 basis point increase in operating margin in our retail business. These results demonstrate our ability to cut costs and improve efficiencies while maintaining the highest level of customer service."
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