Outdoor financials: Cabela's Q2 profit nearly doubles, plus Sport Chalet, West Marine

Cabela’s Q2 profit nearly doubles

Cabela’s (NYSE: CAB) said its second-quarter profit nearly doubled over last year when restructuring charges weighed down results.

Earnings were up 98 percent to $18 million, or $0.26 per share, versus $9.1 million, or $0.14 per share, a year ago.

For the quarter ended July 3, total revenue decreased 3.3 percent to $526 million versus $549 million last year.

Retail store revenue decreased 2.5 percent to $294 million; direct revenue decreased 11.7 percent to $172 million; and comparable store sales decreased 4.6 percent. Financial services revenue increased 28 percent to $56 million.

The company said last year’s second-quarter results were hurt by $11.7 million in one-time charges.

Also, Cabela’s said it plans to open a new retail store in Edmonton, Alberta, Canada, in the fall of 2011.

Sport Chalet narrows Q1 ’11 loss

Sport Chalet (Nasdaq: SPCHA and SPCHB) reported a slight uptick in sales and a narrower loss for the first quarter of fiscal 2011, but warned it is still suffering from the continued economic downturn in its core markets of California, Arizona and Nevada.

Sales increased 0.4 percent to $79.7 million for the quarter ended June 27 from $79.4 million for the same period last year.

The company said the increase was primarily from improvements in the team sales and e-commerce divisions, but was partially offset by a slight decrease in comparable store sales of 0.2 percent.

Net loss for was $1.9 million, or $0.14 per diluted share, compared to a net loss of $3.0 million, or $0.21 per diluted share, last year.

Gross profit as a percent of sales increased to 28.3 percent compared to 26.4 percent for the first quarter of last year. Selling, general and administrative expenses increased to 26.5 percent from 25.1 percent in the same period last year.

West Marine reports higher sales for Q2

West Marine (Nasdaq: WMAR) said its second-quarter sales increased as a result of changes in the competitive landscape, as well as favorable weather in the Northeast

For the quarter ended July 3, net revenues were $233.4 million, an increase of 8.4 percent, compared to net revenues of $215.4 million for the corresponding period last year.

Comparable store sales increased 9.4 percent from last year.

Net income for the second quarter was $35.1 million, or $1.52 per share, compared to $32.5 million, or $1.46 per share, for the same period last year.

–Compiled by Wendy Geister

For more information about any public company on this page or its financial reports, as well as to view stock prices updated every 15 minutes, visit the SNEWS® Stock Market Updates. Click on: www.outsidebusinessjournal.com/cgi-bin/snews/stock_report.html.