Cabela's 2013 Annual Report Download - page 46
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36
Operations Review
Our operating results expressed as a percentage of revenue were as follows for the years ended:
2013 2012 2011
Revenue 100.00% 100.00% 100.00%
Cost of revenue 56.42 56.86 57.39
Gross profit (exclusive of depreciation and amortization) 43.58 43.14 42.61
Selling, distribution, and administrative expenses 33.38 33.63 33.94
Impairment and restructuring charges 0.16 0.65 0.43
Operating income 10.04 8.86 8.24
Other income (expense):
Interest expense, net (0.61) (0.65) (0.87)
Other income, net 0.11 0.20 0.26
Total other income (expense), net (0.50) (0.45) (0.61)
Income before provision for income taxes 9.54 8.41 7.63
Provision for income taxes 3.31 2.83 2.56
Net income 6.23% 5.58% 5.07%
Results of Operations - 2013 Compared to 2012
Revenues
Retail revenue includes sales realized and customer services performed at our retail stores, sales from orders
placed through our retail store website kiosks, and sales from customers utilizing our in-store pick-up program.
Direct revenue includes sales from orders placed through our website, over the phone, and by mail where the
merchandise is shipped to non-retail store locations. Financial Services revenue is comprised of interest and fee
income, interchange income, other non-interest income, interest expense, provision for loan losses, and customer
rewards costs from our credit card operations. Other revenue sources include fees for our hunting and fishing
outfitter services, fees for our full-service travel agency business, real estate rental income and land sales, and
other complementary business services.
Comparisons and analysis of our revenues are presented below for the years ended:
2013 %2012 %Increase
(Decrease) % Change
(Dollars in Thousands)
Retail $ 2,233,322 62.0% $ 1,849,582 59.4% $ 383,740 20.7%
Direct 973,614 27.1 930,943 29.9 42,671 4.6
Financial Services 375,810 10.4 319,399 10.3 56,411 17.7
Other 16,831 0.5 12,758 0.4 4,073 31.9
Total $ 3,599,577 100.0% $ 3,112,682 100.0% $ 486,895 15.6
Product Sales Mix – The following table sets forth the percentage of our merchandise revenue contributed by
major product categories for our Retail and Direct segments and in total for the years ended:
Retail Direct Total
Product Category: 2013 2012 2013 2012 2013 2012
Hunting Equipment 51.0% 49.5% 41.2% 37.1% 48.0% 45.3%
General Outdoors 26.8 28.7 29.1 32.0 27.5 29.8
Clothing and Footwear 22.2 21.8 29.7 30.9 24.5 24.9
Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%