SIDNEY, Neb. (AP) — Cabela’s first-quarter earnings fell 17 percent to $19.1 million on disappointing sales of outdoor gear at its stores and on its website.
The Sidney, Nebraska, company had earnings per share of 28 cents. That’s down from 33 cents per share, or $22.9 million, a year ago.
Earnings would have totaled 40 cents per share without restructuring charges. The company is continuing to cut expenses ahead of its planned $4.2 billion sale to rival Bass Pro Shops later this year.
The results released Thursday beat Wall Street expectations. Analysts surveyed by Zacks Investment Research expected earnings of 36 cents per share on average.
The outdoor sporting goods company’s revenue declined 3 percent to $834.9 million in the period, which fell short of forecasts. Six analysts surveyed by Zacks expected $856.3 million.
“We continue to be very pleased with the results of our expense and process improvement initiatives,” CEO Tommy Millner said.
Shares of Cabela’s Inc., which have fallen roughly 6 percent since the beginning of the year, rose slightly Thursday.
Bass Pro, based in Springfield, Missouri, is paying $61.50 per share to acquire Cabela’s. The two companies plan to sell off Cabela’s credit card unit before joining.
The deal still needs approval from antitrust regulators at the Federal Trade Commission and banking regulators who are reviewing the sale of the credit card unit.
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Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on CAB at https://www.zacks.com/ap/CAB
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