Cabela's 2009 Annual Report Download - page 6

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customer service, knowledgeable Outfitters and a
loyalty program which builds lifetime customers. I am
particularly pleased active cardholder growth reached
9.1 percent in 2009 and spending on cards grew
1.3 percent over 2008. We implemented a number
of creative programs for our cardholders in 2009,
including expansion of our retail store CLUB nights,
where we host top-priority customers at our stores
after hours, and introduction of a co-branded card
with Cenex, a large convenience store chain in
the Midwest.
Looking Forward
As a global seller and sourcer of products, we are aware
of challenges both in the United States and abroad
which arose from the economic factors of the last year
and a half. The strength of our brand, combined with our
strong balance sheet, has served, and will continue
to serve, us well in these times of economic uncertainty.
Following a year of signifi cant change and progress,
I am encouraged by our successes, mindful of our
challenges and completely dedicated to achieving our
goal of becoming the best multi-channel outdoor retail
company in the world by the end of 2012.
In closing, I would like to thank the growing Cabela’s
family of employees, whose hard work, dedication and
determination produced another successful year for all
of us. Because of them, I look forward to continuing to
increase our market share and maximizing
shareholder value.
Thank you for your continued confi dence in us.
Sincerely,
Tommy Millner
President and Chief Executive Officer
As a result of sweeping legislative and regulatory
changes in 2009, World’s Foremost Bank faced
numerous challenges. Thanks to the efforts of our
bank team, we are balancing the impact of these
changes with the value of the benefits received from
the Cabela’s CLUB Visa program. It is also important
to note that while charge-offs in 2009 were clearly
higher than in 2008, our high underwriting standards
resulted in 2009 charge-off rates below the industry
average. The Cabela's CLUB Visa program is the glue
to adhere our best customers to our Cabela's brand and
we are committed to increasing the value of our card to
our loyal customers.