March 30, 2004, 12:00 AM

Cabela’s expects to raise $230 million for new stores through IPO

Cabela’s Inc., a retailer of hunting and camping supplies, hopes to raise $230 million for opening new stores, according to a registration statement it filed with the Securities and Exchange Commission for an initial public offering of common stock.

 

Cabela’s Inc., a multi-channel specialty retailer of hunting and camping supplies, hopes to raise $230 million for opening new stores, according to a registration statement it filed with the Securities and Exchange Commission for an initial public offering of common stock.

The Sidney, NE-based retailer currently operates nine stores in Nebraska, Minnesota, South Dakota, Wisconsin, Michigan, Kansas and Pennsylvania. It expects to open a 10th store later this year in West Virginia. The filing noted that Cabela’s posted $51 million in fiscal 2003 net income on revenue of $1.4 billion.

Cabela’s also operates a catalog and Cabelas.com, where it received 46.6 million visitors in fiscal 2003, the company says in its prospectus for the IPO. Cabela’s posted $924.3 million combined web and catalog sales in 2003, up 6.5% from $867.8 in 2002, it says in the prospectus.

It adds that it’s in the process of improving its web site performance with more aggressive marketing targeting online consumers. “We have begun to take advantage of web-based technologies such as targeted promotional e-mails, on-line shopping engines and Internet affiliate programs to increase sales,” the company says in the prospectus. “We also plan to improve our customer relationship management system which we expect will allow us to better manage our customer relationships and more effectively tailor our marketing programs.”

 

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