Cabela's 2009 Annual Report Download - page 2

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2009
About Us
Cabela’s® is a leading specialty retailer, and the world’s largest direct marketer, of hunting,
fi shing, camping and related outdoor merchandise. Since our 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 Outfi tter.
® Through our growing number of retail
stores and our well-established direct business, we offer a wide and distinctive selection of
high-quality outdoor products at competitive prices while providing superior customer service.
We also issue the Cabela’s CLUB® Visa credit card, which serves as our primary customer
loyalty rewards program. Tommy Millner -Chief Executive Officer
Fiscal Year
(Dollars in thousands, except per share data) 2009
(1) 2008
(1) 2007
Total Revenue $2,629,683 $2,557,078 $2,349,599
Gross Profi t $1,027,062 $1,016,864 $971,213
Gross Profit Margin 39.1% 39.8% 41.3%
Operating Income $156,915 $151,180 $151,092
Operating Income Margin 6.0% 5.9% 6.4%
Net Income $91,615 $82,955 $87,879
Diluted Earnings Per Share $1.36 $1.24 $1.31
Diluted Weighted Average
Shares Outstanding 67,453,474 67,158,583 67,275,531
Total Cash and Cash Equivalents $582,185 $410,104 $131,182
Inventories $440,134 $517,657 $608,159
Total Debt $348,279 $380,031 $503,385
Total Stockholders’ Equity $984,421 $913,705 $828,559
Return on Invested Capital(2) 11.1% 9.6% 10.9%
Lease Adjusted Debt-To-Capitalization Ratio(3) 29.0% 32.0% 35.2%
Financial Highlights
(1) Fiscal year 2009 and 2008 results exclude the impact of valuations of interest-only strips associated with securitized loans
and impairment and restructuring charges. A reconciliation to GAAP is provided after the Letter to Shareholders.
(2) A calculation of ROIC is provided after the Letter to Shareholders.
(3) Both the numerator and the denominator are adjusted to include operating lease obligations capitalized at eight times next year’s
annual minimum lease payments and deferred compensation and exclude short-term borrowings of financial services subsidiary.
(1)
(1)
(1)