Cabela’s Incorporated operates as a specialty retailer and a direct marketer of hunting, fishing, camping, and related outdoor merchandise. Retail Business As of December 27, 2014, the company operated 64 retail stores, 57 stores in 31 states and 7 stores in Canada. Retail Store Formats: The company’s retail store concept is designed to appeal to customers from a geographic and demographic range. Its retail stores range in size from 40,000 to 246,000 square feet. Store Locations and Ownership: The company owns 58 of its 64 retail stores, with 18 stores subject to ground leases. Direct Business The Direct segment sells products through the company’s e-commerce Websites (Cabelas.com and Cabelas.ca) and direct mail catalogs. Direct Business Marketing: The company markets its products through its Websites, mobile devices, and its print catalog distributions. In addition to the ability to order the same products available in its catalogs, its Website gives customers the ability to review product information, purchase gift certificates, research general information on the outdoor lifestyle and outdoor activities, provide product reviews and read product reviews by other customers to assist in making buying decisions, purchase merchandise, and choose from other services that the company provides. Catalog and Print Distributions: The company’s specialty and micro-season catalogs offer products focused on one outdoor activity, such as fly fishing, archery, or waterfowl, or one product category, such as women’s clothing. Financial Services Business The company’s Financial Services segment provides customers with a rewards program that improves customer loyalty in its Retail and Direct businesses. Through its wholly-owned bank subsidiary, World’s Foremost Bank (Cabela's CLUB), the company issues and manages the Cabela’s CLUB Visa credit card, a rewards based credit card program. The company’s bank subsidiary is a special purpose, Federal Deposit Insurance Corporation insured, Nebraska state-chartered bank, which limits the company to issuing consumer credit cards and certificates of deposit of one hundred thousand dollars or more. During 2014, the company had an average of 1,817,012 active credit card accounts. Products and Merchandising The company offers its customers a selection of national and regional brand products, including its own Cabela’s brand. Its product assortment includes merchandise and equipment for hunting, fishing, marine use, and camping, along with casual and outdoor apparel and footwear, optics, wildlife and land management products and services, vehicle accessories, and gifts and home furnishings with an outdoor theme. Hunting Equipment: The hunting equipment merchandise category includes various firearms, ammunition, optics, archery products, and related accessories and supplies for almost every type of hunting and sport shooting. The company’s hunting equipment products are supported by in-house services, such as gun bore sighting, scope mounting, and bow tuning to serve the complete needs of its customers. General Outdoors: The general outdoors merchandise category includes a range of equipment and accessories supporting all outdoor activities, including all types of fishing and tackle products; a selection of boats, electronics, and marine accessories and equipment; camping gear and equipment for various experience levels of outdoor enthusiasts; food preparation and outdoor cooking products; all-terrain vehicles and accessories for automobiles and all-terrain vehicles; and gifts and home furnishings. This category also includes wildlife and land management products and services, including compact tractors and tractor attachments. Clothing and Footwear: The clothing and footwear merchandise category includes fieldwear apparel and footwear, sportswear apparel and footwear, including technical gear for the active outdoor enthusiast, apparel and footwear for the casual customer, and workwear products. Cabela’s Branded Products: In addition to national brands, the company offers its Cabela’s branded merchandise. The company has a penetration of Cabela’s branded merchandise in casual apparel and footwear, as well as in selected hard goods categories, such as camping, fishing, and optics. Seasonality The company experiences seasonal fluctuations in its revenue and operating results. Due to buying patterns around the holidays and the opening of hunting seasons, the company’s merchandise revenue is higher in the third and fourth quarters (year ending December 2014) than in the first and second quarters, and the company earns a disproportionate share of its operating income in the fourth quarter. Government Regulation The company is subject to various laws and regulations covering various subject matters, including consumer protection, firearms and ammunition, Federal Trade Commission, and banking regulations. Intellectual Property Cabela’s, Cabela’s CLUB, Cabelas.com, World’s Foremost Outfitter, World’s Foremost Bank, and Bargain Cave are among the company’s registered service marks or trademarks with the United States Patent and Trademark Office. It has various pending applications for trademarks. Competition The company competes directly or indirectly with Bass Pro Shops, Gander Mountain, Orvis, The Sportsman's Guide, Sportsman's Warehouse, The Sports Authority, Dick's Sporting Goods, Big 5 Sporting Goods, Wal-Mart, Target, Amazon, L.L. Bean, Lands' End, and REI. History Cabela’s Incorporated was founded in 1961. The company was incorporated as a Nebraska corporation in 1965 and was reincorporated as a Delaware corporation in 2004.
(DBQA:German Stock Exchange)
One Cabela Drive
Sidney, NE 69160
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