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Who says that the American consumer isn't spending? Cabela's, Inc. (CAB - Analyst Report) just reported strong fourth quarter results and announced it would open a bunch of new stores. This Zacks #1 Rank (Strong Buy) is also still a value stock with a forward P/E of 13.4.

Cabela's is a specialty retailer of hunting, fishing, camping and outdoor merchandise. You may know it from its big log cabin stores. It operates 32 stores in the United States and 2 in Canada. The company also has a large mail order and Internet business.

Cabela's also issues Cabela’s CLUB Visa credit card, which is its primary customer loyalty program. It is operated through a wholly-owned subsidiary, World's Foremost Bank.

New Stores Announced

On Feb 16, Cabela's announced that it planned to open stores in Ohio, Michigan, Kentucky and Washington in the spring of 2013. They would range from 80,000 to 88,000 square feet which is the average Cabela store size. The Ohio store would be the first in the state.

The company said new store locations were a result of the amount of demand from the web site and from the catalog.

The company also said it would open a new, smaller format called "outpost" in Washington state. It will be a 40,000-square-foot store in a suburb of Yakima.

The new stores will increase retail square footage by about 10%.

Cabela's Beat By 7.1% in Q4

Also on Feb 16, Cabela's reported fourth quarter and full year results. It beat the Zacks Consensus Estimate for the quarter by 7 cents. Earnings per share were $1.06 compared to the consensus of 99 cents.

Revenue rose 5.4% to $983.7 million. Retail stores gained 9.8% to $525.6 million and Financial Services jumped 34.5% to $77.7 million due to higher interest and fee income and reduced interest expense. Only Direct revenue fell 1.9% to $378.9 million.

Comparable store sales rose 1.7%, which the company said was a good result given the warmer than expected weather.

Gross margin also rose 40 basis points.

The company's CLUB Visa program is also healthy. Net charge-offs fell 126 basis points to 2.1% from 3.4% in the year ago period. That was the lowest level of net charge-offs in 4 years.

Zacks Consensus Estimates for 2012 Move Higher

Given the bullish earnings report and the announcement of all the new stores, it's not surprising that the analysts are equally as bullish.

8 estimate moved higher for 2012 since the report. That has pushed the 2012 Zacks Consensus Estimate up to $2.44 from $2.32 per share.

That is earnings growth of 15% which comes on the heels of 2011 earnings growth of 15.8%.

Shares at 5-Year High

Shares of Cabela's have been hot. The earnings report pushed them to 5-year highs.

Yet, believe it or not, Cabela's is still a value stock.

In addition to a P/E under 15, Cabela's has a price-to-book ratio of only 2.0. A P/B ratio under 3.0 usually means there is value.

Furthermore, the company has a low price-to-sales ratio of just 0.8. A P/S ratio under 1.0 can mean that a company is undervalued.

Cabela's also has other solid fundamentals, including a 1-year return on equity (ROE) of 13.5% which is in-line with the S&P 500 average of 13.4%.

If you like retail companies and you're looking for both growth and value, which is hard to find now that the retail sector has rallied big, then look no further than Cabela's.

Tracey Ryniec is the Value Stock Strategist for Zacks.com. She is also the Editor of the Turnaround Trader and Insider Trader services. You can follow her on twitter at @TraceyRyniec.

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