Cabela's 2012 Annual Report Download - page 57

Download and view the complete annual report

Please find page 57 of the 2012 Cabela's annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 135

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135

47
Provision for Income Taxes
Our effective tax rate was 33.7% in 2012 compared to 33.5% in 2011. The effective tax rates for both
years differed from our statutory rate primarily due to the mix of taxable income between the United States
and foreign tax jurisdictions. The balance of unrecognized tax benefits, which is classified with long-term
liabilities in the consolidated balance sheet, totaled $39 million at December 29, 2012, compared to $38 million at
December 31, 2011.
Results of Operations - 2011 Compared to 2010
Revenues
2011 % 2010 %
Increase
(Decrease) % Change
(Dollars in Thousands)
Retail $ 1,550,442 55.2% $ 1,412,715 53.0% $ 137,727 9.7%
Direct 956,834 34.0 999,771 37.5 (42,937) (4.3)
Financial Services 291,746 10.4 227,675 8.6 64,071 28.1
Other 12,144 0.4 23,081 0.9 (10,937) (47.4)
$ 2,811,166 100.0% $ 2,663,242 100.0% $ 147,924 5.6
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
2011 2010 2011 2010 2011 2010
Product Category:
Hunting Equipment 45.7% 44.5% 33.4% 33.7% 41.1% 40.2%
General Outdoors 30.7 31.5 32.7 32.9 31.5 32.1
Clothing and Footwear 23.6 24.0 33.9 33.4 27.4 27.7
Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Retail Revenue – Retail revenue increased $138 million, or 9.7%, in 2011 primarily due to an increase of
$93 million in revenue from the addition of new retail stores comparing year over year and an increase in revenue
from comparable store sales of $39 million. Retail revenue growth was led by increases in all major product
categories. Gift instrument breakage recognized was $7 million, $5 million, and $5 million for 2011, 2010, and
2009, respectively.
2011 2010
Increase
(Decrease)
(Dollars in Thousands)
Comparable stores sales $ 1,416,133 $ 1,377,527 $ 38,606
Comparable stores sales growth percentage 2.8% 1.6%
Comparable store sales increased $39 million, or 2.8%, in 2011 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 $328 for 2011 compared to $314 for 2010.
The increase in average sales per square foot resulted from the increase in comparable store sales.