Cabela's Q2 profit surges 98% on financial services revenues

Cabela’s reported Thursday that net income for the second quarter soared 98% to $18 million, compared with $9.1 million in the second quarter of 2009.The sporting goods retailer cited the strong performance of World’s Foremost Bank, higher merchandise gross margins and lower impairment and restructuring charges for the improvements.For the quarter, total revenue decreased 3.3% to $526 million; retail store revenue decreased 2.5% to $294 million; direct revenue decreased 11.7% to $172 million; and same-store sales decreased 4.6%.Financial services revenue increased 28% to $56 million.“We are pleased that our strong focus on improving return on capital is working,” said