US: Cabela's Q4 misses group expectations
- Net earnings up 5.5%
- Sales grow 4.9%
- Comparable store sales fall 10.1%
Outdoor and camping retailer Cabela's said results for the fourth quarter did not meet its expectations, despite an increase in earnings and sales.
In the three months ended 28 December, net income increased 5.5% to US$94.7m compared to $89.8m in the year ago quarter.
Total sales were up 4.9% to $1.2bn, while retail store revenue increased 7.3% to $711.8m. Comparable store sales, however, were down 10.1%.
"Results for the fourth quarter did not meet our expectations, which were set earlier under more robust conditions," said CEO Tommy Millner.
"Specifically, the two biggest short-term factors affecting results in the quarter were a much sharper than expected decline in ammunition sales as compared to last year's surge and a softer than expected holiday season as evidenced elsewhere."
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