Outdoor sports retailer Cabela's (NYSE: CAB) recent earnings report cast numbers right at analyst expectations. However, judging from the stock price drop after the release, Mr. Market didn't like the bait.

Quarterly earnings reached $0.77 a share before a restructuring charge, which cut the number to $0.24. Still, Cabela's did bag profits for each quarter of 2009 and 2008 -- a stretch in which some specialty retailers missed the target at least once.

The company's expansion plans include four new stores in 2011, two in the U.S. and two in Canada. At the end of the last fiscal year, the company had just 29 outlets. In addition to retail stores, Cabela's generates about 40% of its revenue from direct sales, and it has its own financial operation providing credit cards, which generates about 6% of the company's revenue.

Cabela's direct competitors include privately held Bass Pro Shops and Gander Mountain, which was recently taken private. No other large, publicly traded companies have Cabela's narrow focus on hunting, fishing, and the outdoors, but the table below highlights some retailers that do carry similar products.

Company

Market Cap

Forward PE

Est. 5-Year Earnings Growth

Cabela's

$1.0B

12.0

11%

Big 5 Sporting Goods (Nasdaq: BGFV)

$324M

12.9

12%

Dick's Sporting Goods (NYSE: DKS)

$2.7B

18.3

16%

Hibbett Sports (Nasdaq: HIBB)

$651M

19.7

16%

Tractor Supply Co. (Nasdaq: TSCO)

$1.9B

15.9

15%

Wal-Mart (NYSE: WMT)

$204.4B

13.5

11%

*Source: Yahoo! Finance.

There was no obvious reason for the 10% stock price drop following the earnings release. Earnings before one-time charges and revenue were in line with estimates. Over the year, inventories declined and debt dropped. Still, in the quarter, gross margins declined 70 basis points, which the company says will be a focus for the next couple years.

Cabela's stock sells at a discount compared to Wal-Mart and several specialty retailers with a similar business focus. However, lower growth estimates justify that lower price.

All of the stocks in this list are reasonably valued, and none stand out as a better buy than the others. However, for an investor who thinks hunting, fishing and other outdoor-sports retail will do well, bagging shares of Cabela's is the only pure-play game in town.

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Fool contributor Russ Krull occasionally adds to Cabela's revenue, but doesn't own shares of any stock mentioned in this article. The Fool has a disclosure policy that's always on target.