Cabela's 2011 Annual Report Download - page 2

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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.
Financial Highlights
Fiscal Year
(Dollars in thousands, except per share data) 2011(1) 2010(1) 2009
(1)
Total Revenue $2,811,166 $2,663,242 $2,629,683
Gross Profi t $1,197,917 $1,087,793 $1,027,062
Gross Profi t Margin 42.6% 40.8% 39.1%
Operating Income $243,792 $200,388 $156,915
Operating Income Margin 8.7% 7.5% 6.0%
Net Income $150,762 $121,328 $91,615
Earnings Per Diluted Share $2.12 $1.76 $1.36
Return on Invested Capital(2) 14.3% 13.1% 11.0%
Total Cash and Cash Equivalents $304,679 $136,419 $582,185
Inventories $494,828 $509,097 $440,134
Total Debt
(3) $344,922 $345,152 $348,279
Total Stockholders’ Equity $1,181,316 $1,024,548 $984,421
Lease Adjusted Debt-To-Capitalization Ratio(3)(4) 26.7% 28.1% 29.0%
(1) Fiscal year 2011, 2010, 2009 and 2008 results exclude the impact of impairment and restructuring charges, other special charges, and
valuations of interest-only strips associated with securitized loans. A reconciliation to GAAP is provided after the Letter to Shareholders.
(2) A calculation of ROIC is provided after the Letter to Shareholders.
(3) Excludes all borrowings of fi nancial services subsidiary.
(4) 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.
Tommy Millner
Chief Executive Offi cer
(2)
9.5%
13.1%
11.0%
14.3%
2008 2009 2010
(1)
2008
$2,557
$2,663
$2,630
$2,811
2009 2010 2011
(1)
$151
$200
$157
$244
2008 2009 2010 2011
(1)
$83
$121
$92
$151
2008 2009 2010 2011
2011
RETURN ON
INVESTED CAPITAL