Cabela's 2011 Annual Report Download - page 54

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44
Product Sales Mix – The following chart sets forth the percentage of revenue contributed by each of the five
product categories for our Retail and Direct businesses and in total for the years ended:
Retail Direct Total
2010 2009 2010 2009 2010 2009
Hunting Equipment 44.5% 45.3% 33.7% 35.2% 40.2% 41.1%
Clothing and Footwear 24.0 22.9 33.4 33.4 27.7 27.3
Fishing and Marine 14.2 14.5 11.5 12.1 13.2 13.5
Camping 8.5 8.5 11.8 10.2 9.8 9.2
Gifts and Furnishings 8.8 8.8 9.6 9.1 9.1 8.9
Tot al 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Retail Revenue – Retail revenue increased $24 million in 2010 primarily due to sales from our new retail
store that opened in Grand Junction, Colorado, on May 20, 2010, and to increases in comparable store sales of
$21 million led by increases in sales in the clothing and footwear category. After adjusting Retail revenue for
the impact of the extra week in 2009, which totaled $34 million, Retail revenue in 2010 increased $58 million
compared to 2009.
2010 2009 (1)
Increase
(Decrease)
(Dollars in Thousands)
Comparable stores sales $ 1,347,984 $ 1,326,513 $ 21,471
Comparable stores sales growth percentage 1.6% 3.5%
(1) Excludes the extra week in 2009 to present on a comparable 52-week basis.
Comparable store sales increased $21 million, or 1.6%, in 2010 principally because of the strength in our
hunting equipment and clothing and footwear categories and the success of our Retail operations focus. Average
sales per square foot for stores that were open during the entire year were $314 for 2010 compared to $316 for 2009
($308 per square foot adjusted on a 52-week basis). The increase in average sales per square foot adjusted on a 52-
week basis resulted from the increase in comparable store sales.
Direct Revenue – Our Direct revenue decreased $59 million, or 5.6%, in 2010 compared to 2009. The impact
of the extra week in 2009 was to increase Direct revenue by $17 million; therefore, adjusted for 52 weeks, Direct
revenue decreased $42 million in 2010 compared to 2009. We divested our non-core home restoration products
business in October 2010 and our non-core taxidermy and wildlife prints and collectibles businesses in the fall
of 2009. For comparative purposes, Direct revenue in 2010 compared to 2009 (adjusted for the effect of these
divestitures and the impact of week 53 in 2009) would have resulted in a decrease of $16 million, or 1.6%. Direct
revenue also decreased due to our inventory reduction initiatives in the first half of 2010, which affected inventory
levels resulting in fill rates being lower in 2010 compared to 2009. Fiscal 2010 was also affected by a decrease in
the sales of ammunition and reloading supplies as supply caught up to demand and consumers are now able to find
ammunition at retail stores.