Outdoor retailer Cabela’s says 2Q net income soars 98 percent over last year’s restructuring

Cabela’s 2Q profit nearly doubles to $18 million

SIDNEY, Neb. — Outdoor outfitter Cabela’s Inc. says its second-quarter profit nearly doubled over last year when restructuring charges weighed down results.

The Sidney-based company said Thursday that it earned $18 million, or 26 cents per share. That’s 98 percent higher than the $9.1 million, or 14 cents per share, Cabela’s reported a year ago.

Analysts had expected earnings of 22 cents per share.

Cabela’s CEO Tommy Millner says the company is proud that it has improved the profitability of its stores, but disappointed that revenue slipped 3.3 percent to $526 million.

Last year’s second-quarter results were hurt by $11.7 million in one-time charges.

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

Online:

Cabela’s: www.cabelas.com