Cabela's Incorporated reported record first quarter fiscal 2010 financial results. Adjusted for divestitures, total revenue for the first quarter increased 5.1% to $559.6 million; retail store revenue decreased 1.5% to $271.3 million; direct revenue increased 2.1% to $222.7 million; and comparable store sales decreased 1.7%. The divestiture of Van Dyke's taxidermy business and Wild Wings in late 2009 accounted for $7.1 million of revenue in the first quarter of 2009. Financial services revenue increased 77% to $60 million primarily due to higher interest and fee income of $9.0 million and a lower provision for loan losses of $8.0 million.
For the quarter, consolidated operating income increased 29.3% to $15.9 million compared to $12.3 million in the first quarter of 2009. Excluding the $12 million after-tax special charge, net income increased 122% to $20.0 million, or $0.29 per diluted share. This compares to net income of $9.0 million, or $0.13 per diluted share, in the first quarter of 2009, which excludes $3.9 million of special charges related to impairments and the valuation of interest only strips.
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