Cabela's 2014 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 multi-channel retail business consisting of our Retail and Direct segments.
As of the end of 2014, our Retail business segment operated 64 stores, including the 14 new format stores that we
opened in 2014 as follows:
x Augusta, Georgia, in March;
x Greenville, South Carolina; and Anchorage, Alaska; in April;
x Christiana, Delaware; Woodbury, Minnesota; and Edmonton, Alberta, Canada; in May;
x Missoula, Montana; and Lubbock, Texas; in June;
x Barrie, Ontario, Canada, in July;
x Cheektowaga, New York; and Acworth, Georgia; in August; and
x Nanaimo, British Columbia, Canada; Tualatin, Oregon; and Bowling Green, Kentucky; in September.
We have 57 stores located in the United States and seven in Canada with total retail square footage of
6.9 million, an increase of 17% over 2013.
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.