Cabela's Sees Lower 3Q Profit
Friday, October 14th 2005, 10:42 am
By: News On 6
SIDNEY, Neb. (AP) _ Cabela's Inc., a leading retailer and direct seller of hunting, fishing and outdoor gear, on Friday said it expects to report flat to slightly lower third-quarter earnings, dragged down by sluggish sales it blamed on high fuel prices and recent hurricanes.
Its shares slid 5 cents to $16.75 in morning trading on the Big Board, after falling about 9 percent in premarket activity.
In the year-ago quarter, Cabela's posted earnings of 25 cents per share.
Revenue is expected to rise 12 percent, with sales in stores open at least one year _ a key retail metric known as same-store sales _ seen dropping between 8 percent to 9 percent. Cabela's currently operates 21 stores around the country.
Wall Street's consensus view is currently 32 cents per share, on projected revenue of $469.7 million, according to analysts polled by Thomson Financial.
Cabela's said it still forecasts consolidated revenue will increase 15 percent and earnings will rise about 13 percent, for the nine months ended Oct. 1.