Still reeling from the soft gun market and a highly promotional environment in the face of the Gander Mountain liquidations, Cabela’s reported net income of $28,348,000, down 25% from $27,759,000 for the quarter ended Jul 1 as sales drooped 4% to $890,442,000 from $929,897,000. Merchandise sales were down 6% to $737,384,000 from $786,203,000 with the retail stores off 7% to $601.7 million and Internet/catalog sales down 4% to $135.7 million. Comps declined 9.3%. That was partially offset by the Financial Services unit where sales were up 9% to $147,196,000 compared to $135,081,000. The merchandise sales division had an operating loss ... Log in to view full article.