The company now has 41 stores, having added six new locations last year. While that's still not a great number of stores given the size of the U.S., there's also a catalog business which generated 33.5% of total revenue during 2012. The company plans to open 12 additional locations by the end of 2014.
The stock has come a long way. In 2009, shares traded for less than $6 and now represent the much coveted "ten bagger." Year to date, the stock is up 45%. Shares currently trade for about 16.5 times 2014 consensus estimates.
There's little doubt that fears of gun legislation have bolstered the company's business as consumers stock up on guns and ammunition. But in the end, it's the hunters and fisherman who will continue to be loyal to the company and will continue to use their Cabela's Club cards to rack up rewards.
Started in the kitchen of one of the company's founders, Cabela's is a true American success story. It's also proved to be a great lesson in investing.At the time of publication the author held no positions in any of the stocks mentioned. Follow @JonMHellerCFA This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.
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