"During the fourth quarter, our top line was impacted by an overall challenging consumer environment," said Dennis Highby, Cabela's President and Chief Executive Officer. "Part of our strategy involves an ongoing review of our previously planned store openings to reconfirm our expectations. Based upon these ongoing reviews and current economic conditions, we will pare our store openings in 2008 to just two of the previously planned retail stores. We expect to fund the 2008 expansion from our recently completed $57 million senior note offering and cash flows from operations. We will continue to develop our next generation store format, which is intended to improve return on invested capital and better serve our retail customers."
"While our fourth quarter results did not meet our expectations, we remain encouraged about the opportunities that lie ahead and our ability to perform in this challenging retail climate. We have developed a number of strategic initiatives for 2008 aimed at improving profitability, and we remain focused on successful execution of our plan," Highby said.
The City of Wheat Ridge has been notified that the Wheat Ridge store is no longer planned for a 2008 opening. However, Cabela’s is still committed to this site and are excited about building a next generation store format in the City of Wheat Ridge.