Cabela's 2010 Annual Report Download - page 17

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7
The table below presents data on the performance of our credit card portfolio comparing the last three
years and illustrates the high credit quality of our managed credit card portfolio. The following chart shows
delinquencies, including any delinquent non-accrual and restructured credit card loans, and charge-offs, including
any accrued interest and fees, as a percentage of our average managed credit card loans:
As a Percentage of Average Managed Loans: 2010 2009 2008
Delinquencies greater than 30 days 1.13%1.79%1.68%
Gross charge-offs 4.88 5.52 3.40
Charge-offs, net of recoveries 4.23 5.06 2.95
Products and Merchandising
We offer our customers a comprehensive selection of high-quality, competitively priced, national and regional
brand products, including our own Cabela’s brand. Our product assortment includes merchandise and equipment
for hunting, fishing, marine use, and camping, along with casual and outdoor apparel and footwear, optics, vehicle
accessories, and gifts and home furnishings with an outdoor theme.
The following chart sets forth the percentage of our merchandise revenue contributed by each of the five
product categories for our Retail and Direct businesses and in total for the last three years.
Retail Direct Total
2010 2009 2008 2010 2009 2008 2010 2009 2008
Hunting Equipment 44.5%45.3% 39.9%33.7%35.2%28.7%40.2%41.1%35.1%
Clothing and Footwear 24.0 22.9 24.9 33.4 33.4 36.6 27.7 27.3 30.0
Fishing and Marine 14.2 14.5 15.9 11.5 12.1 12.9 13.2 13.5 14.6
Camping 8.5 8.5 9.3 11.8 10.2 12.5 9.8 9.2 10.6
Gifts and Furnishings 8.8 8.8 10.0 9.6 9.1 9.3 9.1 8.9 9.7
Total 100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%
Hunting equipment. We provide equipment, accessories, and consumable supplies for almost every type
of hunting and sport shooting. Our hunting products are supported by in-house services such as gun bore sighting,
scope mounting, and bow tuning to serve the complete needs of our customers.
Clothing and footwear. Our clothing and footwear merchandise includes fieldwear and sportswear apparel
and technical gear for the active outdoor enthusiast, as well as apparel and footwear for the casual customer.
Fishing and marine equipment. We provide products for fresh water fishing, fly-fishing, salt water fishing,
and ice-fishing. In addition, our fishing and marine equipment offering features a wide selection of electronics,
boats and accessories, canoes, kayaks, and other flotation accessories.
Camping gear and equipment. We provide a diverse selection of camping gear and equipment for various
experience levels of outdoor enthusiasts. This product category includes a full range of equipment and accessories
supporting all outdoor activities, including food preparation, outdoor cooking, travel, and outdoor living. In this
category we also include all-terrain vehicles, as well as accessories for automobiles and all-terrain vehicles.
Gifts and home furnishings. Our gifts merchandise includes games, food assortments, books, jewelry, and
art with outdoor themes. Home furnishings merchandise includes furnishings and accents with outdoor themes for
the home and cabin.
Cabela’s branded products. In addition to national brands, we offer our exclusive Cabela’s branded
merchandise. We have a significant penetration of Cabela’s branded merchandise in casual apparel and footwear as
well as in selected hard goods categories such as camping, fishing, and optics. Where possible, we seek to protect