Cabela's 2013 Annual Report Download - page 39

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29
ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
The following discussion and analysis of financial condition, results of operations, liquidity, and capital
resources should be read in conjunction with our audited consolidated financial statements and notes thereto
appearing elsewhere in this report. Cabela’s Incorporated and its wholly-owned subsidiaries are referred to herein
as “Cabela’s,” “Company,” “we,” “our,” or “us.”
Forward Looking Statements - Our discussion contains forward-looking statements with respect to our plans
and strategies for our businesses and the business environment that are impacted by risks and uncertainties. Refer
to “Special Note Regarding Forward-Looking Statements” preceding PART I, ITEM 1, and to ITEM 1A “Risk
Factors” for information regarding certain of the risks and uncertainties that affect our business and the industries
in which we operate. Please note that our actual results may differ materially from those we may estimate or project
in any of these forward-looking statements.
Cabela’s®
We are a leading specialty retailer, and the world’s largest direct marketer, of hunting, fishing, camping, and
related outdoor merchandise. We provide a quality service to our customers who enjoy an outdoor lifestyle by
supplying outdoor products through our omni-channel retail business consisting of our Retail and Direct segments.
As of the end of 2013, our Retail business segment operated 50 stores, including the 10 stores that we opened
during 2013, which consisted of three Outpost stores in:
• Saginaw, Michigan, on February 14, 2013;
• Waco, Texas, on October 30, 2013; and
• Kalispell, Montana, on November 7, 2013;
and seven next-generation stores in:
• Columbus, Ohio, on March 7, 2013;
• Grandville, Michigan, on March 21, 2013;
• Louisville, Kentucky, on April 11, 2013;
• Green Bay, Wisconsin, on July 25, 2013;
• Thornton, Colorado, and Lone Tree, Colorado, on August 15, 2013; and
• Regina, Saskatchewan, Canada, on September 19, 2013.
We have 46 stores located in the United States and four in Canada with total retail square footage of
5.9 million square feet, an increase of 15% over 2012. Our Direct business segment is comprised of our highly
acclaimed website and supplemented by our catalog distributions as a selling and marketing tool.
World’s Foremost Bank (“WFB,” “Financial Services segment,” or “Cabela’s CLUB”) also plays an integral
role in supporting our merchandising business. The Financial Services segment is comprised of our credit
card services, which reinforce our strong brand and strengthen our customer loyalty through our credit card
loyalty programs.