Cabela's Falls After Third-Quarter Results Trail Estimatesby
Cabela’s Inc., the operator of hunting, fishing and camping supplies stores, fell the most in almost seven years after posting third-quarter profit and sales that trailed analysts’ estimates.
Profit in the quarter was 71 cents a share, excluding some items, the Sidney, Nebraska-based company said Thursday in a statement. Analysts estimated 73 cents, on average. Sales rose 4.6 percent to $926.5 million, missing the $973.1 million projection.
Chief Executive Officer Tommy Millner said the retailer saw “significant weakness” in its fall apparel and footwear offerings. Consolidated comparable-store sales fell 4.2 percent during the quarter, the company said.
The shares tumbled 17 percent to $34.48 at the close in New York for the biggest decline since December 2008. Cabela’s has now slid 35 percent this year.