Cabela's 2014 Annual Report Download - page 55

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45
Results of Operations - 2013 Compared to 2012
Revenues
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
$ 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
2013 2012 2013 2012 2013 2012
Product Category:
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%
Retail Revenue – Retail revenue increased $384 million, or 20.7%, in 2013 primarily due to an increase of
$304 million in revenue from the addition of new retail stores comparing the respective periods and an increase
in comparable store sales of $68 million. Retail revenue growth was led by an increase in the hunting equipment
product category primarily from increases in firearms and ammunition, hunting apparel, archery, and optics, as
well as men’s apparel and general outdoors. Ammunition sales, while still above prior year levels, slowed during
the third quarter of 2013 and decreased during the fourth quarter of 2013. Gift instrument breakage recognized was
$7 million and $8 million for 2013 and 2012, respectively.
Comparable store sales and analysis are presented below for the years ended:
2013 2012
Increase
(Decrease)
(Dollars in Thousands)
Comparable stores sales $ 1,810,185 $ 1,741,827 $ 68,358
Comparable stores sales growth percentage 3.9% 6.9%
Comparable store sales increased $68 million, or 3.9%, in 2013 principally because of the strength in our
hunting equipment category. Average sales per square foot for stores that were open during the entire year were
$385 for 2013 compared to $362 for 2012. The increase in average sales per square foot is a result of our new
format stores performing better than our legacy stores on a sales per square foot basis. Additionally, the increase in
comparable store sales contributed to the increase in average sales per square foot.