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Cabela’s reports ‘disappointing’ fourth quarter

Monday, February 20, 2017 13:10
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Price per share for Cabela’s Inc. continued a downward trend after the outdoor retailer reported a disappointing fourth quarter.

Cabela’s chief executive officer Tommy Millner chalked it up to a decrease in transactions during the quarter, which ended Dec. 31 and covered holiday shopping.

“We were clearly disappointed with the fourth quarter results,” Millner said in a statement alongside the report filed last week with the Securities and Exchange Commission.

Atypical to the reporting process, the company did not host a conference call with investors and said it would not while its acquisition of Bass Pro Shops was pending. The two companies agreed to the $5.5 billion offer in October.

Quarterly revenue saw a marginal decrease of only 6.5 percent, as the Nebraska-based retailer reported $1.2 billion in sales. But the company saw a significant decrease in profits with a $20 million difference from last year and $42.4 million for the year.

While firearms and shooting products sold strong early in the quarter, they failed to compare with the last fiscal year, which saw an uptick in sales due to the 2015 San Bernardino shooting, Millner said.

According to the company’s filing, hunting equipment — including firearms, ammo and other shooting supplies — made up 48.1 percent of 2016’s total revenue.

Despite gun sales setting a record last year, the industry has seen a sharp decline since Donald Trump surprising election win, according to data reviewed by Gun sales in 2016 saw an 11 percent increase, but close with a marginal difference of 0.14 percent less in the last three months.

Cabela’s stock price spiked during the fourth quarter and steadied in the low $60 price range, but began a sharp drop just before the new year. Stock price closed at almost a year low on Friday, dropping to $45.12.

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