SIDNEY, Neb. (AP) -- Cabela's Inc. shares soared to a new 52-week high on Tuesday after the fishing, hunting and outdoors retailer said that it expects first-quarter profit will come in above market expectations.
The stock rose $6.48, or 12 percent, to $60.38 in midday trading.
Cabela's said its sales are strong across most of its merchandise categories. As a result, it expects its earning per share will be 10 to 15 cents higher than the market estimated for the first quarter.
Analysts polled by FactSet, on average, had forecast earnings of 47 cents per share, putting Cabela's earnings estimate at 57 to 62 cents per share.
Cabela's expects that direct revenue, which typically includes online and catalog sales, will increase at a low to mid-teens percentage rate. The company said sales at stores open at least a year should increase at a high-teens percentage rate. That's an important measure of retail performance as it excludes the impact of recently opened or closed stores.
The company made the announcement ahead of its annual investor day on Wednesday.
Cabela's, based in Sidney, Neb., is one of the most popular outdoor recreation retailers in the U.S., with locations across the country.