Tag Archives: CABELA’S

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Cabela’s announces date of Special Meeting of Stockholders to approve acquisition of Cabela’s by Bass Pro Shops

Special Meeting to Take Place on July 11, 2017

SIDNEY, Neb., 2017-Jun-07 — /EPR Retail News/ — Cabela’s Incorporated (NYSE:CAB) today (Jun. 5, 2017) announced that it has filed definitive proxy materials with the U.S. Securities and Exchange Commission (“SEC”) in connection with the Special Meeting of Stockholders (the “Special Meeting”) to approve the previously announced acquisition of Cabela’s by Bass Pro Shops.

The Special Meeting is scheduled to be held on July 11, 2017, at 8:00 a.m. local time. The meeting will be held at the Company’s corporate headquarters, One Cabela Drive, Sidney, Nebraska 69160. All stockholders of record of Cabela’s common stock as of the close of business on June 2, 2017 will be entitled to vote their shares at the Special Meeting either in person or by proxy.

As previously announced, Cabela’s entered into an agreement to be acquired by Bass Pro Shops for $61.50 per share in cash, subject to adjustment in certain circumstances. The Cabela’s Board of Directors unanimously recommends that stockholders vote “FOR” the proposal to adopt the merger agreement.

The transaction is expected to close in the third quarter of 2017, subject to approval by Cabela’s shareholders, the receipt of required regulatory approvals and the satisfaction of other customary closing conditions.

About Cabela’s Incorporated

Cabela’s Incorporated, headquartered in Sidney, Nebraska, is a leading specialty omni-channel retailer of hunting, fishing, camping, shooting sports, and related outdoor merchandise. Since the Company’s founding in 1961, Cabela’s® has grown to become one of the most well-known outdoor recreation brands in the world, and has long been recognized as the World’s Foremost Outfitter®. Cabela’s offers a wide and distinctive selection of high-quality outdoor products at competitive prices while providing superior customer service. Cabela’s also issues the Cabela’s CLUB® Visa credit card, which serves as its primary customer loyalty rewards program. Cabela’s stock is traded on the New York Stock Exchange under the symbol “CAB”.

ADDITIONAL INFORMATION REGARDING THE TRANSACTION AND WHERE TO FIND IT

This communication does not constitute an offer to sell or the solicitation of an offer to buy the securities of Cabela’s Incorporated (the “Company”) or the solicitation of any vote or approval. This communication is being made in respect of the proposed merger transaction involving the Company, Bass Pro Group, LLC (“Bass Pro Group”) and a wholly-owned subsidiary of Bass Pro Group. The proposed merger of the Company is being submitted to the stockholders of the Company for their consideration. In connection therewith, the Company has filed with the Securities and Exchange Commission (the “SEC”) a definitive proxy statement regarding the proposed merger, which will be mailed to the stockholders of the Company, and other relevant materials. BEFORE MAKING ANY VOTING OR ANY INVESTMENT DECISION, INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT REGARDING THE PROPOSED MERGER AND ANY OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY, BECAUSE THEY CONTAIN IMPORTANT INFORMATION. Investors and security holders may obtain free copies of the definitive proxy statement, any amendments or supplements thereto and other documents containing important information about the Company through the website maintained by the SEC at www.sec.gov. Copies of the documents filed with the SEC by the Company are available free of charge on the Company’s website at www.cabelas.com under the heading “SEC Filings” in the “Investor Relations” portion of the Company’s website. Stockholders of the Company may also obtain a free copy of the definitive proxy statement regarding the proposed merger and any filings with the SEC that are incorporated by reference in such definitive proxy statement by contacting the Company’s Investor Relations Department at (308) 255-7428.

PARTICIPANTS IN THE SOLICITATION

The Company and its directors, executive officers and certain other members of management and employees may be deemed to be participants in the solicitation of proxies in connection with the proposed merger. Information about the directors and executive officers of the Company is set forth in its definitive proxy statement for its 2016 Annual Meeting of Stockholders, which was filed with the SEC on November 17, 2016, and in subsequent documents filed with the SEC, each of which can be obtained free of charge from the sources indicated above. Other information regarding the participants in the proxy solicitation of the stockholders of the Company and a description of their direct and indirect interests, by security holdings or otherwise, is contained in the definitive proxy statement regarding the proposed merger and may be contained in other relevant materials filed with the SEC.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This document contains “forward-looking statements” that are based on the Company’s beliefs, assumptions, and expectations of future events, taking into account the information currently available to the Company. All statements other than statements of current or historical fact contained in this report are forward-looking statements. The words “believe,” “may,” “should,” “anticipate,” “estimate,” “expect,” “intend,” “objective,” “seek,” “plan,” “confident,” and similar statements are intended to identify forward-looking statements. Forward-looking statements involve risks and uncertainties that may cause the Company’s actual results, performance, or financial condition to differ materially from the expectations of future results, performance, or financial condition the Company expresses or implies in any forward-looking statements. These risks and uncertainties include, but are not limited to: the satisfaction of the conditions precedent to the consummation of the proposed merger, including, without limitation, the receipt of stockholder and regulatory approvals; unanticipated difficulties or expenditures relating to the proposed merger; legal proceedings, judgments or settlements, including those that may be instituted against the Company, the Company’s board of directors, executive officers and others following the announcement of the proposed merger; disruptions of current plans and operations caused by the announcement and pendency of the proposed merger; potential difficulties in employee retention due to the announcement and pendency of the proposed merger; the response of customers, suppliers, business partners and regulators to the announcement of the proposed merger; the state of the economy and the level of discretionary consumer spending, including changes in consumer preferences, demand for firearms and ammunition, and demographic trends; adverse changes in the capital and credit markets or the availability of capital and credit; the Company’s ability to successfully execute the Company’s omni-channel strategy; increasing competition in the outdoor sporting goods industry and for credit card products and reward programs; the cost of the Company’s products, including increases in fuel prices; the availability of the Company’s products due to political or financial instability in countries where the goods the Company sells are manufactured; supply and delivery shortages or interruptions, and other interruptions or disruptions to the Company’s systems, processes, or controls, caused by system changes or other factors; increased or adverse government regulations, including regulations relating to firearms and ammunition; the Company’s ability to protect the Company’s brand, intellectual property, and reputation; the Company’s ability to prevent cybersecurity breaches and mitigate cybersecurity risks; the outcome of litigation, administrative, and/or regulatory matters (including the ongoing audits by tax authorities and compliance examinations by the Federal Deposit Insurance Corporation (“FDIC”)); the Company’s ability to manage credit, liquidity, interest rate, operational, legal, regulatory capital, and compliance risks; the Company’s ability to increase credit card receivables while managing credit quality; the Company’s ability to securitize the Company’s credit card receivables at acceptable rates or access the deposits market at acceptable rates; the impact of legislation, regulation, and supervisory regulatory actions in the financial services industry; and other risks, relevant factors, and uncertainties identified in the Company’s filings with the Securities and Exchange Commission (“SEC”) (including the information set forth in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2016, and in subsequent filings), which filings are available at the SEC’s website at www.sec.gov. Given the risks and uncertainties surrounding forward-looking statements, you should not place undue reliance on these statements. The Company’s forward-looking statements speak only as of the date of this document. Other than as required by law, the Company undertakes no obligation to update or revise forward-looking statements, whether as a result of new information, future events, or otherwise.

Media:
Cabela’s Incorporated
Corporate Communications
308-255-1204
Media.Communications@cabelas.com

Joele Frank
Wilkinson Brimmer Katcher
Michael Freitag / Scott Bisang
212-355-4449

Jed Repko / Joe Millsap
415-869-3950

Investors:
Cabela’s Incorporated
Andrew Weingard
308-255-7428

Source: Cabela’s Incorporated

 

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Cabela’s enters into agreements with Synovus Financial Corp and Capital One for the sale of assets and liabilities of World’s Foremost Bank

  • Synovus Bank to Acquire Assets and Deposits of World’s Foremost Bank; Capital One to Acquire Credit Card Assets and Related Liabilities and Become Long-term Cabela’s Credit Card Issuing Partner
  • Cabela’s Shareholders to Receive $61.50 Per Share Under Amended Bass Pro Shops Merger Agreement
  • Transaction Expected to Close in Third Quarter of 2017 Subject to Cabela’s Shareholder Approval, Regulatory Approvals and Customary Closing Conditions

SIDNEY, Neb, 2017-Apr-19 — /EPR Retail News/ — Cabela’s Incorporated (NYSE:CAB) today (Apr. 17, 2017) announced that it has entered into agreements with subsidiaries of Synovus Financial Corp.(NYSE:SNV) and Capital One Financial Corporation (NYSE:COF) (“Capital One”) (the “Bank Transaction Agreements”) in connection with the sale of the assets and liabilities of Cabela’s wholly owned bank subsidiary, World’s Foremost Bank (the “Bank”).

Under the terms of the Bank Transaction Agreements, Synovus Bank (“Synovus”), a bank subsidiary of Synovus Financial Corp., a financial services company based in Columbus, Georgia, with approximately $30 billion in assets, will acquire certain assets and assume certain liabilities of the Bank, including deposits totaling approximately $1.2 billion. Following the completion of the sale of the Bank’s assets and liabilities, Synovus will sell the Bank’s credit card assets and related liabilities to Capital One. Synovus will retain the Bank’s deposits.

As originally announced, Capital One will be the exclusive issuing partner of Cabela’s branded CLUB Visa program pursuant to a 10-year program agreement. Capital One intends to continue to operate the Cabela’s CLUB servicing center in Lincoln, Nebraska.

Cabela’s also announced that it has amended the terms of the definitive merger agreement signed on October 3, 2016, under which Bass Pro Shops will acquire Cabela’s (the “Amended Merger Agreement”). Under the Amended Merger Agreement, Bass Pro Shops will acquire Cabela’s for $61.50per share in cash, representing an aggregate transaction value of approximately $5.0 billion. Cabela’s Board of Directors unanimously approved the transaction, which is expected to close in the third quarter of 2017, subject to Cabela’s shareholder approval, regulatory approvals and other customary closing conditions. Additional detail about the Amended Merger Agreement can be found in the Form 8-K that Cabela’s will file with the Securities and Exchange Commission.

“We’re excited to announce this agreement, which allows us to look ahead with greater certainty toward the completion of our merger with Bass Pro Shops and offers a positive step forward for all parties,” said Tommy Millner, Cabela’s Chief Executive Officer. “We look forward to completing these transactions for the benefit of our shareholders, Outfitters and outdoor enthusiasts.”

Johnny Morris, founder and CEO of Bass Pro Shops said, “We remain excited about the exceptional opportunity we have to continue to serve sportsmen and sportswomen by bringing together Cabela’s, Bass Pro Shops and White River Marine Group. Today’s announcement is an important step forward and we are excited about the opportunity to continue celebrating the great Cabela’s brand with ours as one unified outdoor family for our customers and for conservation.”

The Bass Pro Shops merger remains subject to approval by Cabela’s shareholders, as well as antitrust clearance and other customary closing conditions. The Bank transaction is subject to regulatory approvals by Synovus’s primary bank regulators and other customary closing conditions. The Bank transaction will close immediately prior to the closing of the Bass Pro Shops merger.

Guggenheim Securities served as exclusive financial advisor to Cabela’s and Sidley Austin LLP and Koley Jessen P.C., L.L.O. served as Cabela’s legal counsel with expert advice from Sullivan & Cromwell LLP.

The Kessler Group and Credit Suisse acted as financial advisers to Capital One and Wachtell, Lipton, Rosen & Katz and Chapman and Cutler acted as legal advisers.

About Cabela’s Incorporated

Cabela’s Incorporated, headquartered in Sidney, Nebraska, is a leading specialty omni-channel retailer of hunting, fishing, camping, shooting sports, and related outdoor merchandise. Since the Company’s founding in 1961, Cabela’s® has grown to become one of the most well-known outdoor recreation brands in the world, and has long been recognized as the World’s Foremost Outfitter®. Cabela’s offers a wide and distinctive selection of high-quality outdoor products at competitive prices while providing superior customer service. Cabela’s also issues the Cabela’s CLUB® Visa credit card, which serves as its primary customer loyalty rewards program. Cabela’s stock is traded on the New York Stock Exchange under the symbol “CAB”.

About Bass Pro Shops

Bass Pro Shops is a leading destination retailer offering outdoor gear and apparel in an immersive setting. Founded in 1972 when avid young angler Johnny Morris began selling tackle out of his father’s liquor store in Springfield, Missouri, today more than 100 retail and marine centers host 120 million people annually. Bass Pro Shops also operates White River Marine Group, offering an unsurpassed collection of industry-leading boat brands, and Big Cedar Lodge, America’s Premier Wilderness Resort. Under the visionary conservation leadership of Johnny Morris, Bass Pro Shops is known as a national leader in protecting habitat and introducing families to the outdoors and has been named by Forbes as “one of America’s Best Employers.”

About Capital One

Capital One Financial Corporation (www.capitalone.com) is a financial holding company whose subsidiaries, which include Capital One, N.A., and Capital One Bank (USA), N.A., had $236.8 billion in deposits and $357.0 billion in total assets as of December 31, 2016. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has branches located primarily in New York, Louisiana, Texas, Maryland, Virginia, New Jersey and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol “COF” and is included in the S&P 100 index.

About Synovus

Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $30 billion in assets. Synovus provides commercial and retail banking, investment, and mortgage services to customers through 28 locally-branded divisions, 248 branches, and 327 ATMs in Georgia, Alabama, South Carolina, Florida, and Tennessee. Synovus Bank, a wholly owned subsidiary of Synovus, was recognized as one of America’s Most Reputable Banks by American Banker and the Reputation Institute in 2016 and 2015, and was named “Best Regional Bank, Southeast” by MONEYMagazine for 2016-17. Synovus is on the web at synovus.com, on Twitter @synovus, and on LinkedIn at http://linkedin.com/company/synovus.

ADDITIONAL INFORMATION REGARDING THE TRANSACTION AND WHERE TO FIND IT

This communication does not constitute an offer to sell or the solicitation of an offer to buy the securities of Cabela’s Incorporated (the “Company”) or the solicitation of any vote or approval. This communication is being made in respect of the proposed merger transaction involving the Company, Bass Pro Group, LLC (“Bass Pro Group”) and a wholly-owned subsidiary of Bass Pro Group. The proposed merger of the Company will be submitted to the stockholders of the Company for their consideration. In connection therewith, the Company intends to file relevant materials with the Securities and Exchange Commission (the “SEC”), including a definitive proxy statement regarding the proposed merger. However, such documents are not currently available. The definitive proxy statement regarding the proposed merger will be mailed to the stockholders of the Company. BEFORE MAKING ANY VOTING OR ANY INVESTMENT DECISION, INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT REGARDING THE PROPOSED MERGER AND ANY OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and security holders may obtain free copies of the definitive proxy statement, any amendments or supplements thereto and other documents containing important information about the Company, once such documents are filed with the SEC, through the website maintained by the SEC at www.sec.gov. Copies of the documents filed with the SEC by the Company will be available free of charge on the Company’s website at www.cabelas.com under the heading “SEC Filings” in the “Investor Relations” portion of the Company’s website. Stockholders of the Company may also obtain a free copy of the definitive proxy statement regarding the proposed merger and any filings with the SEC that are incorporated by reference in such definitive proxy statement by contacting the Company’s Investor Relations Department at (308) 255-7428.

PARTICIPANTS IN THE SOLICITATION

The Company and its directors, executive officers and certain other members of management and employees may be deemed to be participants in the solicitation of proxies in connection with the proposed merger. Information about the directors and executive officers of the Company is set forth in its definitive proxy statement for its 2016 Annual Meeting of Stockholders, which was filed with the SEC on November 17, 2016, and in subsequent documents filed with the SEC, each of which can be obtained free of charge from the sources indicated above. Other information regarding the participants in the proxy solicitation of the stockholders of the Company and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the preliminary and definitive proxy statements and other relevant materials to be filed with the SEC when they become available.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This document contains “forward-looking statements” that are based on the Company’s beliefs, assumptions, and expectations of future events, taking into account the information currently available to the Company. All statements other than statements of current or historical fact contained in this report are forward-looking statements. The words “believe,” “may,” “should,” “anticipate,” “estimate,” “expect,” “intend,” “objective,” “seek,” “plan,” “confident,” and similar statements are intended to identify forward-looking statements. Forward-looking statements involve risks and uncertainties that may cause the Company’s actual results, performance, or financial condition to differ materially from the expectations of future results, performance, or financial condition the Company expresses or implies in any forward-looking statements. These risks and uncertainties include, but are not limited to: the satisfaction of the conditions precedent to the consummation of the proposed merger, including, without limitation, the receipt of stockholder and regulatory approvals; unanticipated difficulties or expenditures relating to the proposed merger; legal proceedings, judgments or settlements, including those that may be instituted against the Company, the Company’s board of directors, executive officers and others following the announcement of the proposed merger; disruptions of current plans and operations caused by the announcement and pendency of the proposed merger; potential difficulties in employee retention due to the announcement and pendency of the proposed merger; the response of customers, suppliers, business partners and regulators to the announcement of the proposed merger; the state of the economy and the level of discretionary consumer spending, including changes in consumer preferences, demand for firearms and ammunition, and demographic trends; adverse changes in the capital and credit markets or the availability of capital and credit; the Company’s ability to successfully execute the Company’s omni-channel strategy; increasing competition in the outdoor sporting goods industry and for credit card products and reward programs; the cost of the Company’s products, including increases in fuel prices; the availability of the Company’s products due to political or financial instability in countries where the goods the Company sells are manufactured; supply and delivery shortages or interruptions, and other interruptions or disruptions to the Company’s systems, processes, or controls, caused by system changes or other factors; increased or adverse government regulations, including regulations relating to firearms and ammunition; the Company’s ability to protect the Company’s brand, intellectual property, and reputation; the Company’s ability to prevent cybersecurity breaches and mitigate cybersecurity risks; the outcome of litigation, administrative, and/or regulatory matters (including the ongoing audits by tax authorities and compliance examinations by the Federal Deposit Insurance Corporation (“FDIC”)); the Company’s ability to manage credit, liquidity, interest rate, operational, legal, regulatory capital, and compliance risks; the Company’s ability to increase credit card receivables while managing credit quality; the Company’s ability to securitize the Company’s credit card receivables at acceptable rates or access the deposits market at acceptable rates; the impact of legislation, regulation, and supervisory regulatory actions in the financial services industry; and other risks, relevant factors, and uncertainties identified in the Company’s filings with the Securities and Exchange Commission (“SEC”) (including the information set forth in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2016, and in subsequent filings), which filings are available at the SEC’s website at www.sec.gov. Given the risks and uncertainties surrounding forward-looking statements, you should not place undue reliance on these statements. The Company’s forward-looking statements speak only as of the date of this document. Other than as required by law, the Company undertakes no obligation to update or revise forward-looking statements, whether as a result of new information, future events, or otherwise.

Media Contact:
For Cabela’s
Cabela’s Incorporated
Corporate Communications
308-255-1204
Media.Communications@cabelas.com

Joele Frank, Wilkinson Brimmer Katcher
Michael Freitag / Scott Bisang, 212-355-4449
Jed Repko / Joe Millsap, 415-869-3950

For Capital One
Sie Soheili
703-720-3929
Sie.Soheili@capitalone.com

For Bass Pro Shops
Bass Pro Shops Media Center
417-873-4567
press@basspro.com

Sard Verbinnen & Co
Bryan Locke / Debbie Miller / Jacob Crows, 312-895-4700

For Synovus
Lee Underwood
706-644-0528

Investors Contact:
Cabela’s Incorporated
Andrew Weingardt
308-255-7428

Capital One
Danielle Dietz
703-720-2455
Danielle.Dietz@capitalone.com

Synovus Financial Corp.
Bob May
706-649-3555

Source: Cabela’s Incorporated

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Cabela’s expands its presence in Texas with the opening of its new store in El Paso

SIDNEY, Neb., 2016-Oct-31 — /EPR Retail News/ — Cabela’s Incorporated (NYSE:CAB), the World’s Foremost Outfitter® of hunting, fishing and outdoor gear, announced today (Oct. 27, 2016) it will expand its presence in Texas by bringing the company’s unique retail experience and new store design to El Paso.

The store will join the new West Towne Marketplace development located off Exit 8 of Interstate 10 near Paseo del Norte, offering customers a convenient location in an expanding shopping area. River Oaks Properties, El Paso’s premier retail developer, is the developer of the open-air retail and entertainment destination.

Construction on the 50,000-square-foot store is expected to begin this year, and Cabela’s anticipates a fall 2017 opening. Upon opening, it will become the seventh Cabela’s location in Texas, joining Fort Worth, Buda, Allen, Waco, Lubbock and League City.

“We are focused on continuing to build and expand the Cabela’s brand and retail footprint,” said Tommy Millner, Cabela’s Chief Executive Officer. “El Paso presents a great opportunity to better serve our established customers throughout western Texas and southern New Mexico, and to introduce Cabela’s to additional outdoor enthusiasts in the region. We are excited to provide a store designed specifically for the outdoor activities and needs of that area.”

The store will offer customers an immersive outdoor experience with a 360-degree wildlife-display feature, dozens of museum-quality taxidermy mounts, vintage outdoor photos and memorabilia, and a regionally specific theme and habitat feature.

Additionally, the store will include an archery and firearm tech room, indoor archery range and Bargain Cave, along with thousands of outdoor products displayed using Cabela’s new layout that dedicates more square footage to the company’s core areas in hunting, fishing, camping and recreational shooting.

The new layout also will allow a more flexible product assortment as outdoor activities change throughout the year, resulting in more in-season and regionally specific gear.

Cabela’s expects to employ approximately 125 full-time, part-time and seasonal employees at the store, most of whom will come from the surrounding area.

About Cabela’s Incorporated

Cabela’s Incorporated, headquartered in Sidney, Nebraska, is a leading specialty omni-channel retailer of hunting, fishing, camping, shooting sports, and related outdoor merchandise. Since the Company’s founding in 1961, Cabela’s® has grown to become one of the most well-known outdoor recreation brands in the world, and has long been recognized as the World’s Foremost Outfitter®. Cabela’s offers a wide and distinctive selection of high-quality outdoor products at competitive prices while providing superior customer service. Cabela’s also issues the Cabela’s CLUB® Visa credit card, which serves as its primary customer loyalty rewards program. Cabela’s stock is traded on the New York Stock Exchange under the symbol “CAB”.

Caution Concerning Forward-Looking Statements

Statements in this press release that are not historical or current fact are “forward-looking statements” that are based on the Company’s beliefs, assumptions, and expectations of future events, taking into account the information currently available to the Company. Such forward-looking statements include, but are not limited to, the Company’s statements regarding opening a new retail store in El Paso, Texas. Forward-looking statements involve risks and uncertainties that may cause the Company’s actual results, performance, or financial condition to differ materially from the expectations of future results, performance, or financial condition that the Company expresses or implies in any forward-looking statements. These risks and uncertainties include, but are not limited to: the satisfaction of the conditions precedent to the consummation of the proposed merger by and among Bass Pro Group, LLC, Prairie Merger Sub, Inc., a wholly owned subsidiary of Bass Pro Group, LLC, and the Company, including, without limitation, the receipt of stockholder and regulatory approvals; unanticipated difficulties or expenditures relating to the proposed merger; legal proceedings, judgments, or settlements, including those that may be instituted against the Company, the Company’s board of directors, executive officers, and others following the announcement of the proposed merger; disruptions of current plans and operations caused by the announcement and pendency of the proposed merger; potential difficulties in employee retention due to the announcement and pendency of the proposed merger; and the response of customers, suppliers, business partners, and regulators to the announcement of the proposed merger; the state of the economy and the level of discretionary consumer spending, including changes in consumer preferences, demand for firearms and ammunition, and demographic trends; adverse changes in the capital and credit markets or the availability of capital and credit; the Company’s ability to successfully execute its omni-channel strategy; increasing competition in the outdoor sporting goods industry and for credit card products and reward programs; the cost of the Company’s products, including increases in fuel prices; the availability of the Company’s products due to political or financial instability in countries where the goods the Company sells are manufactured; supply and delivery shortages or interruptions, and other interruptions or disruptions to the Company’s systems, processes, or controls, caused by system changes or other factors; increased or adverse government regulations, including regulations relating to firearms and ammunition; the Company’s ability to protect its brand, intellectual property, and reputation; the Company’s ability to prevent cybersecurity breaches and mitigate cybersecurity risks; the outcome of litigation, administrative, and/or regulatory matters (including the ongoing audits by tax authorities and compliance examinations by the Federal Deposit Insurance Corporation); the Company’s ability to manage credit, liquidity, interest rate, operational, legal, regulatory capital, and compliance risks; the Company’s ability to increase credit card receivables while managing credit quality; the Company’s ability to securitize its credit card receivables at acceptable rates or access the deposits market at acceptable rates; the impact of legislation, regulation, and supervisory regulatory actions in the financial services industry; and other risks, relevant factors, and uncertainties identified in the Company’s filings with the SEC (including the information set forth in the “Risk Factors” section of the Company’s Form 10-K for the fiscal year ended January 2, 2016, Form 10-Q for the quarterly period ended April 2, 2016, and Form 10-Q for the quarterly period ended October 1, 2016), which filings are available at the Company’s website at www.cabelas.com and the SEC’s website at www.sec.gov. Given the risks and uncertainties surrounding forward-looking statements, you should not place undue reliance on these statements. The Company’s forward-looking statements speak only as of the date they are made. Other than as required by law, the Company undertakes no obligation to update or revise forward-looking statements, whether as a result of new information, future events, or otherwise.

Media Contact:
Nathan Borowski
308-255-2861
Nathan.Borowski@cabelas.com

Investor Contact:
Andrew Weingardt
308-255-7428

Source: Cabela’s Incorporated

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Bass Pro Shops to acquire Cabela’s for $5.5 billion

SPRINGFIELD, Mo. & SIDNEY, Neb., 2016-Oct-04 — /EPR Retail News/ — Bass Pro Shops and Cabela’s Incorporated (NYSE:CAB), two iconic American outdoor companies with similar humble origins, and with a shared goal to better serve those who love the outdoors, today (Oct. 3, 2016) announced that they have entered into a definitive agreement under which Bass Pro Shops will acquire Cabela’s for $65.50 per share in cash, representing an aggregate transaction value of approximately $5.5 billion.

In addition, upon closing Bass Pro Shops will commence a multi-year partnership agreement with Capital One, National Association, a wholly-owned national banking subsidiary of Capital One Financial Corporation (NYSE: COF), under which Capital One will originate and service the Cabela’s CLUB, Cabela’s co-branded credit card, and Bass Pro Shops will maintain a seamless integration between the credit card program and the combined companies’ retail operations and deep customer relationships. All Cabela’s CLUB points and Bass Pro Shops Outdoor Rewards points will be unaffected by the transactions and customers can continue to use their credit cards as they were prior to the transaction. Capital One intends to continue to operate the Cabela’s CLUB servicing center in Lincoln, Nebraska.

A driving force behind this agreement is the highly complementary business philosophies, product offerings, expertise and geographic footprints of the two businesses. The essence of both Bass Pro Shops and Cabela’s is a deep passion to serve outdoor enthusiasts and support conservation. The combination brings together three of the nation’s premier sporting brands: Cabela’s, a leader in hunting; Bass Pro Shops, a leader in fishing; and White River Marine Group, a worldwide leader in boating, which is part of Bass Pro Shops.

Bass Pro Shops, Cabela’s and White River Marine Group represent the best of American entrepreneurship, innovation and devotion to customers. The combined companies will strive to provide a remarkably enhanced experience for customers, increased opportunities for team members and greater support for conservation activities.

CABELA’S

Founded in 1961 by Dick, Mary and Jim Cabela, Cabela’s is a highly respected marketer of hunting, fishing, camping, shooting sports and related outdoor merchandise. Today, Cabela’s has over 19,000 “outfitters” operating 85 specialty retail stores, primarily in the western U.S. and Canada. Cabela’s stores, catalog business and e-commerce operations will blend seamlessly with Bass Pro Shops andWhite River Marine Group. Over the past 55 years Cabela’s has built a passionate and loyal base of millions of enthusiasts who shop both at its retail stores and online.

BASS PRO SHOPS

Bass Pro Shops, founded in 1972 by avid young angler Johnny Morris, is a leading national retailer of outdoor gear and apparel, with 99 stores and Tracker Marine Centers located primarily in the eastern part of the U.S. and Canada. Morris started the business with eight square feet of space in the back of his father’s liquor store in Springfield, Mo., the company’s sole location for the first 13 years of business. Johnny’s passion for the outdoors and his feel for the products and shopping experiences desired by outdoor enthusiasts helped transform the industry. Bass Pro Shops, which employs approximately 20,000 team members, has been named by Forbes as one of “America’s Best Employers.” The company also operates Big Cedar Lodge, America’s Premier Wilderness Resort, welcoming more than one million guests annually to Missouri’s Ozark Mountains.

WHITE RIVER MARINE GROUP

In 1978, Morris revolutionized the marine industry when he introduced the world’s first professionally rigged and nationally marketed boat, motor and trailer packages. Tracker quickly became and has remained the number one selling fishing boat brand in America for the last 37 years running. White River Marine Group offers an unsurpassed collection of industry-leading brands including Tracker Boats, Sun Tracker, Nitro, Tahoe, Regency, Mako, Ranger, Triton and Stratos.

MANAGEMENT COMMENTARY

“Today’s announcement marks an exceptional opportunity to bring together three special companies with an abiding love for the outdoors and a passion for serving sportsmen and sportswomen,” said Johnny Morris, founder and CEO of Bass Pro Shops. “The story of each of these companies could only have happened in America, made possible by our uniquely American free enterprise system. We have enormous admiration for Cabela’s, its founders and outfitters, and its loyal base of customers. We look forward to continuing to celebrate and grow the Cabela’s brand alongside Bass Pro Shops and White River as one unified outdoor family.”

“Cabela’s is pleased to have found the ideal partner in Bass Pro Shops,” said Tommy Millner, Cabela’s Chief Executive Officer. “Having undertaken a thorough strategic review, during which we assessed a wide variety of options to maximize value, the Board unanimously concluded that this combination with Bass Pro Shops is the best path forward for Cabela’s, its shareholders, outfitters and customers. In addition to providing significant immediate value to our shareholders, this partnership provides a unique platform from which our brand will be extremely well positioned to continue to serve outdoor enthusiasts worldwide for generations to come.”

“This opportunity would not be possible without the contributions of the many wonderful Cabela’s,Bass Pro Shops and White River team members,” Morris said. “All three companies are blessed to have been built by the extraordinary efforts of many tremendously talented, dedicated people throughout our respective histories, and we’re thrilled to consider what the combined team can achieve going forward.”

Following the closing of the transaction, Bass Pro Shops intends to celebrate and grow the Cabela’s brand and will build on qualities that respective customers love most about Cabela’s and Bass Pro Shops. In addition, Bass Pro Shops recognizes the strength of Cabela’s CLUB Loyalty program and intends to honor Cabela’s customer rewards and sees potential over time to expand the program in the combined company.

Bass Pro Shops appreciates and understands the deep ties between Cabela’s and the community of Sidney, Nebraska. Dick, Mary and Jim Cabela founded their company in Sidney in 1961, and the company has flourished with its base of operations there ever since. Bass Pro Shops intends to continue to maintain important bases of operations in Sidney and Lincoln and hopes to continue the very favorable connections to those communities and the Cabela’s team members residing there.

Bass Pro Shops Founder and CEO Johnny Morris will continue as CEO and majority shareholder of the new entity, which will remain a private company with a continuing long-term view of supporting the industry and conservation. Morris earned a reputation as a leading retailer and conservationist. In 2008, the National Retail Federation named him as Retail Innovator of the Year. In 2015, the same organization named him as one of 25 People Shaping the Future of Retail in America. In 2012, The Association of Fish and Wildlife Agencies named Morris Citizen Conservationist of the Year.

“Conservation is at the heart and soul of Bass Pro Shops. Bass Pro Shops and Cabela’s share a steadfast belief that the future of our industry, and the outdoor sports we all love, depends – more than anything else – on how we manage our natural resources,” said Morris. “By combining our efforts, we can have a profound positive impact on the conservation challenges of our day and help foster the next generation of outdoor enthusiasts.”

PREFERRED FINANCING

Bass Pro Shops is proud to have secured preferred equity financing from the Merchant Banking Division of Goldman Sachs and Pamplona to facilitate the transaction. Goldman Sachs has committed$1.8 billion and Pamplona has committed $600 million for a total preferred financing commitment of$2.4 billion.

The Merchant Banking Division of Goldman Sachs is one of the leading private equity investors in the world, focusing on assisting large, high-quality companies with best-in-class management teams to achieve their growth objectives. The division brings significant experience and a strong track record of success in supporting industry-leading founder-led businesses. Pamplona Capital Management is aNew York and London based specialist investment manager established in 2005. Pamplona is currently managing its fourth private equity fund, Pamplona Capital Partners IV, LP, which was raised in 2014. Pamplona invests long-term capital across the capital structure of its portfolio companies in both public and private market situations.

TRANSACTION DETAILS

The transaction provides Cabela’s shareholders with a premium of 19.2% to Cabela’s closing share price on Sep. 30, 2016, the day prior to announcement of the transaction, 39.7% to the closing share price on Dec. 1, 2015, the day before Cabela’s announced its exploration of strategic alternatives and 57.1% to the 90-day volume weighted trading average prior to Dec. 1, 2015. Immediately prior to closing, Capital One will acquire certain assets and assume certain liabilities of Cabela’s World’sForemost Bank. The cash proceeds from this transaction will remain with Cabela’s until it is acquired by Bass Pro Shops.

The transaction agreements were unanimously approved by Cabela’s Board of Directors following a comprehensive review of strategic and financial alternatives.

The transaction, which is expected to close in the first half of 2017, will be completed through a cash merger and is subject to approval by Cabela’s shareholders, as well as regulatory approvals and other customary closing conditions.

J.P. Morgan served as exclusive financial advisor to Bass Pro Shops and Latham & Watkins served as Bass Pro Shops’ legal counsel, with expert assistance from O’Melveny & Myers. Goldman, Sachs & Co.served as financial advisor to The Merchant Banking Division of Goldman Sachs and Davis Polk & Wardwell LLP served as legal advisor. Goldman, Sachs & Co. also served as advisor to Bass Pro Shops on the bank transaction, and Morrison & Foerster served as legal counsel. BofA Merrill Lynch,Wells Fargo Securities LLC, Citigroup Global Markets Inc., RBC Capital Markets, UBS Securities LLC, and Goldman Sachs are providing debt financing to support the transaction.

Guggenheim Securities served as exclusive financial advisor to Cabela’s and Sidley Austin LLP and Koley Jessen P.C., L.L.O. served as Cabela’s legal counsel.

The Kessler Group and Credit Suisse acted as financial advisers to Capital One and Wachtell, Lipton, Rosen & Katz and Chapman and Cutler acted as legal advisers.

ADDITIONAL INFORMATION REGARDING THE TRANSACTION AND WHERE TO FIND IT

This communication does not constitute an offer to sell or the solicitation of an offer to buy the securities of Cabela’s Incorporated (the “Company”) or the solicitation of any vote or approval. This communication is being made in respect of the proposed merger transaction involving the Company,Bass Pro Group, LLC (“Bass Pro Group”) and a wholly-owned subsidiary of Bass Pro Group. The proposed merger of the Company will be submitted to the stockholders of the Company for their consideration. In connection therewith, the Company intends to file relevant materials with the Securities and Exchange Commission (the “SEC”), including a definitive proxy statement. However, such documents are not currently available. The definitive proxy statement will be mailed to the stockholders of the Company. BEFORE MAKING ANY VOTING OR ANY INVESTMENT DECISION, INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT REGARDING THE PROPOSED TRANSACTION AND ANY OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders may obtain free copies of the definitive proxy statement, any amendments or supplements thereto and other documents containing important information about the Company, once such documents are filed with the SEC, through the website maintained by the SEC at www.sec.gov. Copies of the documents filed with the SEC by the Company will be available free of charge on the Company’s website at www.cabelas.com under the heading “SEC Filings” in the “Investor Relations” portion of the Company’s website. Stockholders of the Company may also obtain a free copy of the definitive proxy statement and any filings with the SEC that are incorporated by reference in the definitive proxy statement by contacting the Company’s Investor Relations Department at (308) 255-7428.

PARTICIPANTS IN THE SOLICITATION

The Company and its directors, executive officers and certain other members of management and employees may be deemed to be participants in the solicitation of proxies in connection with the proposed transaction. Information about the directors and executive officers of the Company is set forth in its Annual Report on Form 10-K for the fiscal year ended January 2, 2016 and Amendment No. 1 thereto, which were filed with the SEC on February 22, 2016 and April 29, 2016, respectively, and in subsequent documents filed with the SEC, each of which can be obtained free of charge from the sources indicated above. Other information regarding the participants in the proxy solicitation of the stockholders of the Company and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the preliminary and definitive proxy statements and other relevant materials to be filed with the SEC when they become available.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This document contains “forward-looking statements” that are based on the Company’s beliefs, assumptions, and expectations of future events, taking into account the information currently available to the Company. All statements other than statements of current or historical fact contained in this report are forward-looking statements. The words “believe,” “may,” “should,” “anticipate,” “estimate,” “expect,” “intend,” “objective,” “seek,” “plan,” “confident,” and similar statements are intended to identify forward-looking statements. Forward-looking statements involve risks and uncertainties that may cause the Company’s actual results, performance, or financial condition to differ materially from the expectations of future results, performance, or financial condition the Company expresses or implies in any forward-looking statements. These risks and uncertainties include, but are not limited to: the satisfaction of the conditions precedent to the consummation of the proposed merger, including, without limitation, the receipt of stockholder and regulatory approvals; unanticipated difficulties or expenditures relating to the proposed merger; legal proceedings, judgments or settlements, including those that may be instituted against the Company, the Company’s board of directors, executive officers and others following the announcement of the proposed merger; disruptions of current plans and operations caused by the announcement and pendency of the proposed merger; potential difficulties in employee retention due to the announcement and pendency of the proposed merger; the response of customers, suppliers, business partners and regulators to the announcement of the proposed merger; the state of the economy and the level of discretionary consumer spending, including changes in consumer preferences, demand for firearms and ammunition, and demographic trends; adverse changes in the capital and credit markets or the availability of capital and credit; the Company’s ability to successfully execute the Company’s omni-channel strategy; increasing competition in the outdoor sporting goods industry and for credit card products and reward programs; the cost of the Company’s products, including increases in fuel prices; the availability of the Company’s products due to political or financial instability in countries where the goods the Company sells are manufactured; supply and delivery shortages or interruptions, and other interruptions or disruptions to the Company’s systems, processes, or controls, caused by system changes or other factors; increased or adverse government regulations, including regulations relating to firearms and ammunition; the Company’s ability to protect the Company’s brand, intellectual property, and reputation; the Company’s ability to prevent cybersecurity breaches and mitigate cybersecurity risks; the outcome of litigation, administrative, and/or regulatory matters (including the ongoing audits by tax authorities and compliance examinations by the Federal Deposit Insurance Corporation (“FDIC”)); the Company’s ability to manage credit, liquidity, interest rate, operational, legal, regulatory capital, and compliance risks; the Company’s ability to increase credit card receivables while managing credit quality; the Company’s ability to securitize the Company’s credit card receivables at acceptable rates or access the deposits market at acceptable rates; the impact of legislation, regulation, and supervisory regulatory actions in the financial services industry; and other risks, relevant factors, and uncertainties identified in the Company’s filings with the Securities and Exchange Commission (“SEC”) (including the information set forth in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the fiscal year ended January 2, 2016, and in Part II, Item 1A, of the Company’s Quarterly Report on Form 10-Q for the first quarter ended April 2, 2016), and in subsequent filings, which filings are available at the SEC’s website at www.sec.gov. Given the risks and uncertainties surrounding forward-looking statements, you should not place undue reliance on these statements. The Company’s forward-looking statements speak only as of the date of this document. Other than as required by law, the Company undertakes no obligation to update or revise forward-looking statements, whether as a result of new information, future events, or otherwise.

MEDIA:
Bass Pro Shops Media Center
417-873-4567
press@basspro.com

Sard Verbinnen & Co
Bryan Locke / Debbie Miller / Jacob Crows
312-895-4700

Emily Deissler
212-687-8080

Cabela’s Incorporated
Corporate Communications
308-255-1204
Media.Communications@cabelas.com

Joele Frank, Wilkinson Brimmer Katcher
Michael Freitag / Scott Bisang
212-355-4449

Jed Repko / Joe Millsap
415-869-3950

INVESTOR:
Cabela’s Incorporated
Andrew Weingardt
308-255-7428

Source: Cabela’s Incorporated

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Cabela’s plans to expand its retail footprint and legendary shopping experience to Albuquerque, N.M., and Chesterfield Township, Mich.

SIDNEY, Neb., 2016-Jul-17 — /EPR Retail News/ — Cabela’s Incorporated (NYSE:CAB), the World’s Foremost Outfitter® of hunting, fishing and outdoor gear, announced today plans to expand its retail footprint and legendary shopping experience to two new locations: Albuquerque, N.M., and Chesterfield Township, Mich.

Albuquerque
Construction on the 70,000-square-foot store – the company’s first location in New Mexico – is expected to begin this year and Cabela’s anticipates a 2017 opening. The store will join the Legacy at Journal Center development located near the intersection of Interstate 25 and Paseo del Norte, offering customers a convenient location in an already popular shopping destination.

“We are thrilled to announce Albuquerque as our first location in New Mexico,” said Tommy Millner, Cabela’s Chief Executive Officer. “We’ve had a strong customer base through our online and catalog businesses in this area for many years. Building a store here will allow us to serve those customers better, while also introducing thousands of additional outdoor enthusiasts to the Cabela’s brand and experience.”

Cabela’s expects to employ approximately 150 full-time, part-time and seasonal employees at the store, most of whom will come from the surrounding area.

The store will offer customers an immersive outdoor experience with a 360-degree mountain and wildlife-display feature, dozens of museum-quality taxidermy mounts, vintage outdoor photos and memorabilia, and a regionally specific theme.

Additionally, the store will include an archery and firearm tech room, indoor archery range and Bargain Cave, along with thousands of outdoor products displayed using Cabela’s new layout that dedicates more square footage of floor space to the company’s core areas in hunting, fishing, camping and recreational shooting.

The new layout also will allow a more flexible product assortment as outdoor activities change throughout the year, resulting in more in-season and regionally specific gear.

Chesterfield Township
Construction on the 90,000-square-foot location is expected to begin this year and Cabela’s anticipates a 2017 opening. Located about 30 miles northeast of Detroit, near the banks of the renowned Lake St. Clair, the store will be conveniently located near the intersection of Hall Road and Interstate 94, near Super Walmart and Menards.

“Chesterfield Township and the surrounding area offer remarkable opportunities for outdoor recreation, and people in that region utilize those opportunities to live an outdoor lifestyle,” Millner said. “We are extremely eager to build them a Cabela’s store and help them enjoy their outdoor passions.”

Cabela’s expects to employ approximately 175 full-time, part-time and seasonal employees, most of whom will come from the surrounding area. Upon opening, it will become Cabela’s fourth location in Michigan, joining the Dundee, Saginaw and Grand ville stores.

The store also will offer Cabela’s unique, outdoor experience and feature the company’s new floor plan, offering a regionally specific theme and product assortment.

About Cabela’s Incorporated
Cabela’s Incorporated, headquartered in Sidney, Nebraska, is a leading specialty omni-channel retailer of hunting, fishing, camping, shooting sports and related outdoor merchandise. Since the Company’s founding in 1961, Cabela’s® has grown to become one of the most well-known outdoor recreation brands in the world, and has long been recognized as the World’s Foremost Outfitter®. Cabela’s offers a wide and distinctive selection of high-quality outdoor products at competitive prices while providing superior customer service. Cabela’s also issues the Cabela’s CLUB® Visa credit card, which serves as its primary customer loyalty rewards program. Cabela’s stock is traded on the New York Stock Exchange under the symbol “CAB”.

Caution Concerning Forward-Looking Statements
Statements in this press release that are not historical or current fact are “forward-looking statements” that are based on the Company’s beliefs, assumptions, and expectations of future events, taking into account the information currently available to the Company. Such forward-looking statements include, but are not limited to, the Company’s statements regarding opening new retail stores in Albuquerque, N.M., and Chesterfield Township, Mich.

Forward-looking statements involve risks and uncertainties that may cause the Company’s actual results, performance, or financial condition to differ materially from the expectations of future results, performance, or financial condition that the Company expresses or implies in any forward-looking statements.

These risks and uncertainties include, but are not limited to: the Company’s exploration and evaluation of strategic alternatives may not result in the successful identification or completion of a strategic alternative that yields additional value for stockholders, and the exploration and evaluation process may have an adverse impact on the Company’s business; the state of the economy and the level of discretionary consumer spending, including changes in consumer preferences, demand for firearms and ammunition, and demographic trends; adverse changes in the capital and credit markets or the availability of capital and credit.

The Company’s ability to successfully execute its omni-channel strategy; increasing competition in the outdoor sporting goods industry and for credit card products and reward programs; the cost of the Company’s products, including increases in fuel prices; the availability of the Company’s products due to political or financial instability in countries where the goods the Company sells are manufactured; supply and delivery shortages or interruptions, and other interruptions or disruptions to the Company’s systems, processes, or controls, caused by system changes or other factors; increased or adverse government regulations, including regulations relating to firearms and ammunition.

The Company’s ability to protect its brand, intellectual property, and reputation; the Company’s ability to prevent cyber security breaches and mitigate cyber security risks; the outcome of litigation, administrative, and/or regulatory matters (including the ongoing audits by tax authorities and compliance examinations by the Federal Deposit Insurance Corporation); the Company’s ability to manage credit, liquidity, interest rate, operational, legal, regulatory capital, and compliance risks; the Company’s ability to increase credit card receivables while managing credit quality.

The Company’s ability to securitize its credit card receivables at acceptable rates or access the deposits market at acceptable rates; the impact of legislation, regulation, and supervisory regulatory actions in the financial services industry; and other risks, relevant factors, and uncertainties identified in the Company’s filings with the SEC (including the information set forth in the “Risk Factors” section of the Company’s Form 10-K for the fiscal year ended January 2, 2016, and Form 10-Q for the quarterly period ended April 2, 2016), which filings are available at the Company’s website at www.cabelas.com and the SEC’s website at www.sec.gov.

Given the risks and uncertainties surrounding forward-looking statements, you should not place undue reliance on these statements. The Company’s forward-looking statements speak only as of the date they are made. Other than as required by law, the Company undertakes no obligation to update or revise forward-looking statements, whether as a result of new information, future events, or otherwise.

Contacts:
Media:
Nathan Borowski
308-255-2861
Nathan.Borowski@cabelas.com

Investor:
Andrew Weingardt
308-255-7428

Source: Cabela’s Incorporated

 

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Cabela’s 3Q fiscal 2015: total revenue increased 4.6% to $926.5 million

  • Adjusted Third Quarter Diluted EPS of $0.71
  • Total Revenue Increased 4.6% to $926.5 Million
  • U.S. Comp Store Sales Decreased 3.3%, Consolidated Comp Store Sales Decreased 4.2%
  • Cabela’s CLUB® Avg. Receivables Grew 13.9% and Charge-Offs Remained at Record Low Levels
  • Restructuring Initiatives Expected to Reduce Operating Expenses as a Percentage of Total Revenue by 75 to 150 Basis Points Over the Next Three Years

SIDNEY, Neb., 2015-10-28 — /EPR Retail News/ — Cabela’s Incorporated (NYSE:CAB) today reported financial results for third quarter fiscal 2015.

For the quarter, total revenue increased 4.6% to $926.5 million; Retail store revenue increased 6.5% to $637.8 million; Direct revenue decreased 7.9% to $161.6 million; and Financial Services revenue increased 13.3% to $123.6 million. During the period, consolidated comparable store sales decreased 4.2%.

For the quarter, adjusted for certain items, net income decreased 13.8% to $50.3 million compared to $58.3 millionin the year ago quarter, and earnings per diluted share were $0.71 compared to $0.81 in the year ago quarter. The Company reported GAAP net income of $43.7 million and earnings per diluted share of $0.62 as compared to GAAP net income of $53.8 million and earnings per diluted share of $0.75 in the year ago quarter. Third quarter 2015 GAAP results included restructuring charges and other items of $0.09 in earnings per diluted share. See the supporting schedules to this earnings release labeled “Reconciliation of GAAP Reported to Non-GAAP Adjusted Financial Measures” for a reconciliation of the GAAP to non-GAAP financial measures.

“Continued strong performance in many of our key merchandise categories and exceptional performance at Cabela’s CLUB were not sufficient to offset the significant weakness in our fall apparel and footwear product lines,” said Tommy Millner, Cabela’s Chief Executive Officer. “During the quarter, we did take substantial and sustainable actions on our expense base, which will benefit 2016 and beyond.”

“Consolidated comparable store sales were down 4.2% for the quarter,” Millner said. “U.S. comparable store sales were down 3.3%. In both the United States and Canada, our customers have been slow to transition to fall apparel and footwear products. We were encouraged by positive comp performance in many of our core categories, including camping, powersports, home and gifts, firearms, and ammunition.”

“Our new format stores continue to significantly outperform our legacy stores in sales and profit per square foot, yet our U.S. stores opened in 2015 have underperformed our expectations,” Millner said. “Accordingly, we are evaluating our 2016 and 2017 store opening schedule. At this time, we plan to open seven stores in 2016 and no more than that in 2017. We have a number of initiatives underway to improve new store productivity and profitability, which gives us confidence in our long-term goal of 225 stores in North America.”

A shift in ammunition sales from the Direct channel to the Retail channel, continued softness in apparel and footwear categories, and further pressure from new retail square footage contributed to the 7.9% decrease in Direct channel revenue for the quarter.

Merchandise margins decreased 70 basis points in the quarter. Stronger hardline sales and weaker softline sales created a mix impact that accounted for approximately half of the decrease, while the other half was driven by a slightly higher markdown cadence across the assortment.

During the third quarter, the Company launched a major multi-year corporate restructuring project aimed at lowering its expense base to increase return on invested capital. The Company has already identified meaningful savings opportunities across the enterprise that are expected to result in a reduction of operating expenses as a percentage of total revenue by 75 to 150 basis points over the next three years.

In addition to its initiatives to reduce costs, the Company has begun a process to optimize its balance sheet. As part of this process, the Company plans to reduce working capital and sell unproductive assets. The proceeds from this balance sheet improvement will be used to help fund the Company’s previously announced $500 million share repurchase program.

The Cabela’s CLUB Visa program had another excellent quarter. During the quarter, growth in the average number of active credit card accounts was 6.6%. Growth in the average balance per active credit card account was 6.9%, and growth in the average balance of credit card loans was 13.9% to $4.6 billion. For the quarter, net charge-offs remained at historically low levels of 1.70%. Increased Financial Services revenue was driven by increases in interest and fee income as well as interchange income.

“With the revenue shortfall we experienced in the third quarter, we have reevaluated our fourth quarter and full-year expectations,” Millner said. “As a result, we expect a high-single-digit growth rate in revenue and approximately flat non-GAAP earnings per diluted share for full-year 2015 as compared to full-year 2014 non-GAAP diluted earnings per share of $2.88.”

Conference Call Information
A conference call to discuss third quarter fiscal 2015 operating results is scheduled for today (Thursday, October 22, 2015) at 11:00 a.m. Eastern Time. A webcast of the call will take place simultaneously and can be accessed by visiting the Investor Relations section of Cabela’s website at www.cabelas.com. A replay of the call will be archived on www.cabelas.com.

About Cabela’s Incorporated
Cabela’s Incorporated, headquartered in Sidney, Nebraska, is a leading specialty retailer, and the world’s largest direct marketer, of hunting, fishing, camping and related outdoor merchandise. Since the Company’s founding in 1961, Cabela’s® has grown to become one of the most well-known outdoor recreation brands in the world, and has long been recognized as the World’s Foremost Outfitter®. Through Cabela’s growing number of retail stores and its well-established direct business, it offers a wide and distinctive selection of high-quality outdoor products at competitive prices while providing superior customer service. Cabela’s also issues the Cabela’s CLUB® Visa credit card, which serves as its primary customer loyalty rewards program. Cabela’s stock is traded on the New York Stock Exchange under the symbol “CAB”.

Caution Concerning Forward-Looking Statements

Statements in this press release that are not historical or current fact are “forward-looking statements” that are based on the Company’s beliefs, assumptions, and expectations of future events, taking into account the information currently available to the Company. Such forward-looking statements include, but are not limited to, the Company’s statements regarding taking substantial and sustainable actions on its expense base, which will benefit 2016 and beyond; opening seven stores in 2016 and no more than that in 2017; having a number of initiatives underway to improve new store productivity and profitability, which gives it confidence in its long-term goal of 225 stores in North America; its multi-year corporate restructuring project aimed at lowering its expense base to increase return on invested capital; reducing operating expenses as a percentage of total revenue by 75 to 150 basis points over the next three years; reducing working capital and selling unproductive assets; and a high-single-digit growth rate in revenue and approximately flat non-GAAP earnings per diluted share for full-year 2015 as compared to full-year 2014 non-GAAP diluted earnings per share of $2.88. Forward-looking statements involve risks and uncertainties that may cause the Company’s actual results, performance, or financial condition to differ materially from the expectations of future results, performance, or financial condition that the Company expresses or implies in any forward-looking statements. These risks and uncertainties include, but are not limited to: the state of the economy and the level of discretionary consumer spending, including changes in consumer preferences, demand for firearms and ammunition, and demographic trends; adverse changes in the capital and credit markets or the availability of capital and credit; the Company’s ability to successfully execute its omni-channel strategy; increasing competition in the outdoor sporting goods industry and for credit card products and reward programs; the cost of the Company’s products, including increases in fuel prices; the availability of the Company’s products due to political or financial instability in countries where the goods the Company sells are manufactured; supply and delivery shortages or interruptions, and other interruptions or disruptions to the Company’s systems, processes, or controls, caused by system changes or other factors; increased or adverse government regulations, including regulations relating to firearms and ammunition; the Company’s ability to protect its brand, intellectual property, and reputation; the Company’s ability to prevent cybersecurity breaches and mitigate cybersecurity risks; the outcome of litigation, administrative, and/or regulatory matters (including the ongoing Securities and Exchange Commission investigation, audits by tax authorities, and compliance examinations by the Federal Deposit Insurance Corporation); the Company’s ability to manage credit, liquidity, interest rate, operational, legal, regulatory capital, and compliance risks; the Company’s ability to increase credit card receivables while managing credit quality; the Company’s ability to securitize its credit card receivables at acceptable rates or access the deposits market at acceptable rates; the impact of legislation, regulation, and supervisory regulatory actions in the financial services industry; and other risks, relevant factors, and uncertainties identified in the Company’s filings with the SEC (including the information set forth in the “Risk Factors” section of the Company’s Form 10-K for the fiscal year ended December 27, 2014, and Form 10-Q for the quarterly period ended June 27, 2015), which filings are available at the Company’s website at www.cabelas.com and the SEC’s website at www.sec.gov. Given the risks and uncertainties surrounding forward-looking statements, you should not place undue reliance on these statements. The Company’s forward-looking statements speak only as of the date they are made. Other than as required by law, the Company undertakes no obligation to update or revise forward-looking statements, whether as a result of new information, future events, or otherwise.

Investor: Andrew Weingardt, 308-255-7428
Media: Nathan Borowski, 308-255-2861

SOURCE: Cabela’s Inc.

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Cabela’s Board of Directors authorized the Company to repurchase up to $500 million of its common stock over a two-year period

SIDNEY, Neb., 2015-9-2 — /EPR Retail News/ — Cabela’s Incorporated (NYSE:CAB) announced today that its Board of Directors has approved a share repurchase program authorizing the Company to repurchase up to $500 million of its common stock over a two-year period. This authorization is in addition to the two million share repurchase authorization approved in April 2015 and the standing annual authorization to repurchase shares to offset dilution resulting from equity-based awards issued under the Company’s equity compensation plans. The Company has completed its repurchases under the April 2015 authorization.

“Our strong balance sheet allows us to authorize the $500 million repurchase program,” said Tommy Millner, Cabela’s Chief Executive Officer. “The Board’s authorization reaffirms our confidence in the strength of our business and future prospects and commitment to maximizing shareholder value.”

The timing and volume of share repurchases may be executed at the discretion of management on an opportunistic basis, or pursuant to trading plans or other arrangements. Any share repurchase under this program may be made in the open market, in privately negotiated transactions, or otherwise.

About Cabela’s Incorporated
Cabela’s Incorporated, headquartered in Sidney, Nebraska, is a leading specialty retailer, and the world’s largest direct marketer, of hunting, fishing, camping and related outdoor merchandise. Since the Company’s founding in 1961, Cabela’s® has grown to become one of the most well-known outdoor recreation brands in the world, and has long been recognized as the World’s Foremost Outfitter®. Through Cabela’s growing number of retail stores and its well-established direct business, it offers a wide and distinctive selection of high-quality outdoor products at competitive prices while providing superior customer service. Cabela’s also issues the Cabela’s CLUB® Visa credit card, which serves as its primary customer loyalty rewards program. Cabela’s stock is traded on the New York Stock Exchange under the symbol “CAB”.

Caution Concerning Forward-Looking Statements

Statements in this press release that are not historical or current fact are “forward-looking statements” that are based on the Company’s beliefs, assumptions, and expectations of future events, taking into account the information currently available to the Company. Such forward-looking statements include, but are not limited to, the Company’s statements regarding repurchasing up to$500 million of its common stock over a two-year period. Forward-looking statements involve risks and uncertainties that may cause the Company’s actual results, performance, or financial condition to differ materially from the expectations of future results, performance, or financial condition that the Company expresses or implies in any forward-looking statements. These risks and uncertainties include, but are not limited to: the state of the economy and the level of discretionary consumer spending, including changes in consumer preferences, demand for firearms and ammunition, and demographic trends; adverse changes in the capital and credit markets or the availability of capital and credit; the Company’s ability to successfully execute its omni-channel strategy; increasing competition in the outdoor sporting goods industry and for credit card products and reward programs; the cost of the Company’s products, including increases in fuel prices; the availability of the Company’s products due to political or financial instability in countries where the goods the Company sells are manufactured; supply and delivery shortages or interruptions, and other interruptions or disruptions to the Company’s systems, processes, or controls, caused by system changes or other factors; increased or adverse government regulations, including regulations relating to firearms and ammunition; the Company’s ability to protect its brand, intellectual property, and reputation; the Company’s ability to prevent cybersecurity breaches and mitigate cybersecurity risks; the outcome of litigation, administrative, and/or regulatory matters (including a Commissioner’s charge the Company received from the Chair of the U. S. Equal Employment Opportunity Commission in January 2011, the ongoing Securities and Exchange Commission investigation, audits by tax authorities, and compliance examinations by the Federal Deposit Insurance Corporation); the Company’s ability to manage credit, liquidity, interest rate, operational, legal, regulatory capital, and compliance risks; the Company’s ability to increase credit card receivables while managing credit quality; the Company’s ability to securitize its credit card receivables at acceptable rates or access the deposits market at acceptable rates; the impact of legislation, regulation, and supervisory regulatory actions in the financial services industry; and other risks, relevant factors, and uncertainties identified in the Company’s filings with the SEC (including the information set forth in the “Risk Factors” section of the Company’s Form 10-K for the fiscal year ended December 27, 2014, and Form 10-Q for the quarterly period ended June 27, 2015), which filings are available at the Company’s website at www.cabelas.com and the SEC’s website at www.sec.gov. Given the risks and uncertainties surrounding forward-looking statements, you should not place undue reliance on these statements. The Company’s forward-looking statements speak only as of the date they are made. Other than as required by law, the Company undertakes no obligation to update or revise forward-looking statements, whether as a result of new information, future events, or otherwise.

 

Source: Cabela’s Incorporated

Cabela’s Incorporated
Investor: Andrew Weingardt, 308-255-7428
or
Media: Joe Arterburn, 308-255-1204

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The Retail Industry Leaders Association announced the election of four retail executives to its Board of Directors

Arlington, VA, 2015-1-22 — /EPR Retail News/ — The Retail Industry Leaders Association (RILA) announced today the election of four retail executives to its Board of Directors. The election took place during the semi-annual Board of Directors meeting, held Sunday in Amelia Island, Florida. Joining the association’s Board of Directors are:

  • Brian Cornell, Chairman and Chief Executive Officer, Target Corporation
  • Alexander Gourlay, President, Walgreen Co.
  • Thomas Millner, President and Chief Executive Officer, Cabela’s Inc.
  • Michael Polk, President and Chief Executive Officer, Newell Rubbermaid

Also, two current board members were re-elected to the board at Sunday’s meeting

  • Madison Riley, Managing Partner, Asia Pacific, Kurt Salmon
  • Todd Tillemans, President, Customer Development, Unilever

“I am pleased to welcome these industry leaders to RILA’s Board of Directors. RILA’s ability to represent the interests of the retail industry is dependent on the expertise, insight and support provided by our board members,” said RILA President Sandy Kennedy. RILA is an outspoken advocate for the most critical issues facing the retail industry. RILA remains at the forefront of a number of battles, including the fight to level the playing field for all retailers as it relates to the collection of state sales tax. RILA also plays a leading role on issues including cybersecurity, comprehensive tax reform, health care, privacy, trade and a variety of labor and finance issues.The 2015 RILA Board of Directors:

  • Richard Dreiling, Chairman & Chief Executive Officer, Dollar General Corporation (Chairman)*
  • Eric Wiseman, Chairman, President & Chief Executive Officer, VF Corporation (Treasurer)*
  • Robert Niblock, Chairman & Chief Executive Officer, Lowe’s Companies, Inc. (Secretary)*
  • William Rhodes, Chairman, President & Chief Executive Officer, AutoZone, Inc (Second Vice Chair).*
  • Hubert Joly, Chief Executive Officer, Best Buy Co., Inc.*
  • James Myers, Chief Executive Officer, Petco Animal Supplies, Inc.*
  • Brian Cornell, Chairman & Chief Executive Officer, Target Corporation
  • Joseph DePinto, President & Chief Executive Officer, 7-Eleven, Inc.
  • Alexander Gourlay, President, Walgreen Co.
  • Ken Hicks, Executive Chairman, Foot Locker, Inc.
  • Alan Hoskins, President & Chief Executive Officer, Energizer Household Products, Energizer Holdings, Inc.
  • David Lenhardt, President & Chief Executive Officer, PetSmart, Inc.
  • Karen Lowe, General Manager, Global Retail Industry, IBM Corporation
  • Thomas Millner, President & Chief Executive Officer, Cabela’s Inc.
  • Paul Mulligan, President, Coca-Cola Refreshments, The Coca-Cola Company
  • Michael Polk, President & Chief Executive Officer, Newell Rubbermaid
  • Madison Riley, Managing Partner, Asia Pacific, Kurt Salmon
  • Walter Robb, Co-Chief Executive Officer, Whole Foods Market, Inc.
  • Gregory Sandfort, President & Chief Executive Officer, Tractor Supply Company
  • Todd Tillemans, President of Customer Development, Unilever
  • Myron Ullman, Chief Executive Officer, J.C. Penney Company, Inc.
  • Sandy Kennedy, President, Retail Industry Leaders Association*

*Denotes Executive Committee Member

RILA is the trade association of the world’s largest and most innovative retail companies. RILA members include more than 200 retailers, product manufacturers, and service suppliers, which together account for more than $1.5 trillion in annual sales, millions of American jobs and more than 100,000 stores, manufacturing facilities and distribution centers domestically and abroad.

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Brian Dodge
Executive Vice President, Communications and Strategic Initiatives
Phone: 703-600-2017
Email: brian.dodge@rila.org