Moreover, retail revenue increased 36.8% to $140.5 million, while operating income increased 45.2% to $25.5 million, according to the retailer's earnings announcement. However, same store sales declined 3%, something that Dennis Highby, President & CEO attributed to a delay in the printing and shipping of a promotional gift card.
The strong performance has compelled the Nebraska-based retailer to accelerate its expansion plans, according to Highby. As of the end of the third quarter, the retailer has 15 stores in operation, under construction or in the planning stages across the United States.
In the past month, Cabela's has announced plans to build new stores in Wheat Ridge, CO and East Rutherford, NJ, with opening dates in 2006 and 2007, respectively. In 2005, the specialty retailer plans to open two stores in Texas -- in Buda and Fort Worth -- and one in Lehi, UT.
The newest Cabela's store, a 176,000-sf store in Wheeling, W.Va., opened August 12. According to Highby, the store "has performed well since its opening" and the Hamburg, PA location remains one of its most profitable stores to date.
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