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Cabela's Management Discusses Q2 2012 Results - Earnings Call Transcript

Stocks in this article: CAB

Now let me turn to retail profitability, which is a key initiative in our retail growth strategy. For the quarter, retail profitability increased 230 basis points to 18.5%, a new second quarter record. This is the 13th consecutive quarter of retail profit improvement. Improvements in retail profitability were due mostly to higher merchandise margin and continued improvements in labor productivity.

Since our last call, we opened one next-generation store in Saskatoon, Saskatchewan Canada in May. The opening was a huge success with literally thousands of people waiting to shop the store on grand opening day. All 3 of our Canadian stores continue to perform very well and Canada is proving to be a great market for Cabela's. We have strong brand recognition, significant participation in outdoor activities and because of the climate, a very favorable merchandise mix. In short, we couldn't be more pleased with the success we are seeing in Canada, and we look forward to further accelerating our growth there.

For the remainder of 2012, we plan to open next-generation stores in Rogers, Arkansas and Charleston, West Virginia. And we will open our first, 40,000-square-foot outpost store in Union Gap, Washington in October.

Looking forward to 2013, we expect to open 6 domestic next-generation stores and 2 outpost stores. Additionally, we will be relocating our existing 45,000-square-foot Winnipeg store to a more desirable location and increasing its size to 70,000 square feet. We have announced all of our domestic next-generation store locations for 2013. And just this morning, announced the location of our first 2013 outpost store location in Saginaw, Michigan.

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