Cabela's 2012 Annual Report Download - page 50

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40
Comparable store sales and analysis are presented below for the years ended:
2012 2011
Increase
(Decrease)
(Dollars in Thousands)
Comparable stores sales $ 1,573,824 $ 1,472,032 $ 101,792
Comparable stores sales growth percentage 6.9% 2.8%
Comparable store sales increased $102 million, or 6.9%, in 2012 principally because of the strength in our
hunting equipment category. A store is included in our comparable store sales base on the first day of the month
following the fifteen month anniversary of 1) its opening or acquisition, or 2) any changes to retail store space
greater than 25% of total square footage of the store.
Average sales per square foot for stores that were open during the entire year were $362 for 2012 compared to
$328 for 2011. The increase in average sales per square foot resulted from the increase in comparable store sales. In
addition, our next-generation stores are performing better on a sales per square foot basis than our legacy stores.
Direct Revenue – Direct revenue decreased $26 million, or 2.7%, in 2012 compared to 2011. The decrease in
Direct revenue compared to 2011 was primarily due to a decrease in the clothing and footwear product category
and a decrease in revenue from our catalog and call centers. These decreases in Direct revenue were partially
offset by increased sales attributable to the CLUB Visa free shipping offer and advertising promotions in digital
marketing. The free shipping offer to our Cabela’s CLUB Visa customers resulted in increased merchandise sales,
greater order frequency, and increases in the number of new Visa cardholder accounts.
Internet sales increased in 2012 compared to 2011. The number of web site visitors increased 18.3% during
2012 as we continued to focus our efforts on utilizing Direct marketing programs to increase traffic to our website
and social media networks. Our hunting equipment and clothing and footwear categories were the largest dollar
volume contributor to our Direct revenue for 2012. The number of active Direct customers, which we define as
those customers who have purchased merchandise from us in the last twelve months, remained even compared
to 2011.
We continue to focus on smaller, more specialized catalogs, and we have reduced the number of pages mailed
and decreased total circulation, leading to continued reductions in catalog related costs. Mostly offsetting the
reductions in catalog related costs were increases in Internet related expenses due to our expanded use of digital
marketing channels and enhancements to our website.
2012 2011
Increase
(Decrease) % Change
Percentage increase year over year in Internet website visitors 18.3% 4.5%
Pages of paper circulation (in millions) 17,433 22,218 (4,785) (21.5)%
Number of separate titles circulated 108 102 6