In the fourth quarter last year, a $12.5 million charge related to the Visa antitrust settlement was recognized. We recently received notification from Visa that the impact of the proposed settlement had been reduced causing a decrease in our estimate of $1.7 million. Additional adjustments were made for certain employee related expenses in the quarter. The net impact of these items was a benefit of $0.01 to earnings per share for the quarter. See the supporting schedules to this earnings release labeled "Reconciliation of Non-GAAP Financial Measures" for a reconciliation of the GAAP to non-GAAP financial measures.
The tax rate for the quarter was 31.3% compared to 32.3% in the year ago quarter due to more effective tax planning. The fourth quarter tax rate is expected to be between 31.5% and 32.5%, which is slightly below our previous guidance of between 32.5% and 33.5%. For 2014, the tax rate is expected to be between 31.5% and 33.5%.
"Return on invested capital improved by 110 basis points over the same quarter a year ago," Millner said. "With our strong operational improvements, we are confident in our ability to generate even further improvements in return on invested capital."
"Although the consumer environment is difficult, we continue to be very pleased with the strong performance of our next-generation stores, omni-channel progression and growth in our Cabela's CLUB loyalty program," Millner said. "Our retail stores are performing at very high levels, and we have adjusted expenses to be more in line with current business trends. As a result, we are comfortable with the current external earnings estimates for the fourth quarter of 2013. While our 2014 budget is not yet finalized, we expect 2014 earnings per share to be the sixth consecutive year of double-digit earnings per share growth."
Conference Call Information
A conference call to discuss third quarter fiscal 2013 operating results is scheduled for today (Thursday, October 24, 2013) at 11:00 a.m. Eastern Time. A webcast of the call will take place simultaneously and can be accessed by visiting the Investor Relations section of Cabela's website at
. A replay of the call will be archived on
About Cabela's Incorporated
Cabela's Incorporated, headquartered in Sidney, Nebraska, is a leading specialty retailer, and the world's largest direct marketer, of hunting, fishing, camping and related outdoor merchandise. Since the Company's founding in 1961, Cabela's® has grown to become one of the most well-known outdoor recreation brands in the world, and has long been recognized as the World's Foremost Outfitter®. Through Cabela's growing number of retail stores and its well-established direct business, it offers a wide and distinctive selection of high-quality outdoor products at competitive prices while providing superior customer service. Cabela's also issues the Cabela's CLUB® Visa credit card, which serves as its primary customer loyalty rewards program. Cabela's stock is traded on the New York Stock Exchange under the symbol "CAB".