UPDATE 2-Cabela's lower profit beats Street, shares up

(Adds sales detail)

* Q4 adjusted EPS 72 cents vs Street 67 cents

* Q4 revenue down 1 pct to $879.4 mln

* 2009 consolidated revenue expected to decline slightly

* Shares up 10 pct in extended trade

SAN FRANCISCO, Feb 19 (Reuters) - Cabela's Inc (CAB.N) said on Thursday that its quarterly net profit fell on lower sales and restructuring costs, but adjusted earnings beat estimates and shares rose 10 percent after hours.

The retailer, which sells equipment and apparel for hunting, fishing and other outdoor activities, also predicted that 2009 consolidated revenue would decline only slightly from 2008 levels.

Net income in Cabela's fourth quarter was $49.4 million, or 74 cents per share, compared with $56.2 million, or 84 cents per share, a year earlier.

Excluding a restructuring charge and a benefit related to gift cards, Cabela's earned 72 cents, above the 67 cents per share expected on average by analysts, according to Reuters Estimates.

The company, which also operates a credit card business, said total quarterly sales fell 1 percent to $879.4 million from $889.5 million. Same-store sales rose 2.2 percent.

At its stores, sales rose 6.9 percent, while in its catalog and Internet business sales rose 8.2 percent. Its financial services division saw a 0.7 percent rise in sales.

The company said an aggressive merchandise strategy designed to take market share, together with an emphasis on firearms sales, helped boost results.

Same-store sales in the first quarter were expected to be positive, Cabela's said.

The company said that 2009 consolidated revenue was expected to "decline only slightly" from 2008 levels, with earnings roughly flat. That assumes that same-store sales will decline in the low single-digit percentage range.

Shares rose 10 pct to $6.56 in extended trade after closing at $5.96, down 2 percent, on the New York Stock Exchange.

(Reporting by Alexandria Sage; Editing by Bernard Orr)