Cabela's Incorporated today reported record financial results for fourth quarter and fiscal year ended December 31, 2011.

For the quarter, adjusted for divestitures, total revenue increased 5.4% to $983.7 million; Retail store revenue increased 9.8% to $525.6 million; Direct revenue decreased 1.9% to $378.9 million; and Financial Services revenue increased 34.5% to $77.7 million. For the quarter, comparable store sales increased 1.7%. On a reported basis, total revenue increased 5.3% and Direct revenue decreased 2.1%. A detailed reconciliation is provided at the end of this release.

For the quarter, net income increased 25% to $75.0 million compared to $59.9 million in the year ago quarter, and earnings per diluted share were $1.06 compared to $0.86 in the year ago quarter, each excluding certain items. The Company reported GAAP net income of $69.8 million and earnings per diluted share of $0.99 as compared to GAAP net income of $66.3 million and earnings per diluted share of $0.95 in the year ago quarter. Fourth quarter 2011 results include impairment charges of $7.8 million pre-tax mostly related to economic development bonds; while fourth quarter 2010 results include a benefit of $9.2 million pre-tax.

For fiscal 2011, net income increased 24% to $150.8 million compared to $121.3 million last year, and earnings per diluted share were $2.12 compared to $1.76 a year ago, each excluding certain items. The Company reported GAAP net income of $142.6 million and earnings per diluted share of $2.00 as compared to GAAP net income of $112.2 million and earnings per diluted share of $1.62 a year ago. Fiscal 2011 results include impairment charges of $12.2 million pre-tax, while fiscal 2010 results include impairment and special charges of $13.6 million pre-tax.