Cabela's misses by $0.03, beats on revs; reaffirms FY16 outlook, says strategic alternatives review remains ongoing :
- Reports Q2 (Jun) earnings of $0.59 per share, $0.03 worse than the Capital IQ Consensus of $0.62; revenues rose 11.2% year/year to $929.9 mln vs the $905.15 mln Capital IQ Consensus.
- For the quarter, consolidated comparable store sales increased 1.5% and U.S. comparable store sales increased 2.0% as compared to the same quarter a year ago. This marks the first quarter of positive comparable store sales since the third quarter of 2013. This increase was attributable to strength in firearms and shooting related categories as well as the camping, powersports, and fishing categories. Internet and catalog salesincreased 3.3% in the quarter as a result of strength in the aforementioned categories as well as the home/gifts and hunting apparel categories.
- Cabela's CLUB had an excellent quarter despite an increase in the loan loss reserve. Due to higher delinquency rates, the reserve for loan losses increased by $9.2 million in the quarter.
- "We continue to be very pleased with the success of our expense initiatives and our ability to generate top-line improvement through the reinvestment of expense savings. As a result, for full-year 2016, we continue to expect a high-single-digit growth rate in revenue and a high-single-digit or low-double-digit growth rate in earnings per diluted share as compared to full-year 2015 adjusted earnings per diluted share of $2.88."
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