Cabela's 2005 Annual Report Download - page 4

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Letter to Shareholders
We are very pleased with our full-year
2005 results, in which Cabela’s earned
$72.6 million, or $1.10 per share, as
compared to $65.0 million, or $1.03
per share, in 2004. It was another
record-setting year for both sales and
profits, proving our powerful multi-
channel model continues to provide a
significant competitive advantage.
Financial Highlights
Total revenue for 2005 increased
15.7%, to a record $1.8 billion. Our
direct business (both catalog and
Internet) grew a solid 6.9% to $1.0
billion, primarily due to growth in sales
through our website, www.cabelas.com.
Retail revenue grew 24.3% to $620.2
million, led by the opening of our four
new retail stores as well as the full-year
impact of our Wheeling, West
Virginia, store, which opened in
August, 2004. Comparable store sales
for the year declined 6.3%, and we
have several initiatives focused on
improving comparable store sales in
2006. Financial services revenue grew
48.6% for the year as we continued to
grow our Cabela’s Club VISA credit
card business. The Company’s net
income rose 11.7% to a record $72.6
million and earnings per share were
$1.10 for the year.
Dear Cabela’s Shareholders:
2 NYSE: CAB
Dennis Highby, President &
Chief Executive Officer,
and his German Wirehaired Pointer,
Maggie