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Cabela's Inc. Announces Plans for Store in Saskatoon, Saskatchewan, Canada

Cabela's expects to open the Saskatoon store in spring of 2012. The 50,000-square-foot store will be located in the Preston Crossing shopping area at the intersection of Circle Drive and Preston Avenue in northeast Saskatoon, near the University of Saskatchewan main campus. This will be the third Cabela's store in Canada, joining locations in Winnipeg, Manitoba, a former S.I.R. Warehouse Sports Store acquired and converted in 2008, and Edmonton, Alberta, to open late this summer.

The building's exterior will reflect Cabela's traditional store model with log construction, stonework, wood siding and metal roofing. The inside will highlight the Company's next-generation layout, which is designed to immerse customers in the outdoor experience and includes conservation-themed wildlife displays and trophy animal mounts. The store will also feature a Bargain Cave and a Fudge Shop. Construction is expected to start in July 2011.

"It's been an exciting few years since we opened our first store in Canada," said Cabela's Chief Executive Officer Tommy Millner. "Many Canadians have been loyal Cabela's catalog customers for decades, and it's an honor to serve them in our retail stores too, making our gear and knowledge even more accessible to the country's outdoor enthusiasts."

Celebrating its 50^th anniversary this year, Cabela's will open stores in Allen, Texas, and Springfield, Ore., in addition to the Edmonton store. The Company has also announced plans to build a store in Wichita, Kan., expected to open in early spring 2012.

Showcasing thousands of products, including hunting, fishing, camping, hiking, boating and wildlife-watching gear, as well as outdoor clothing and outdoor-themed gifts and furnishings, Cabela's is famous for its strong brand and world-renowned reputation for delivering quality merchandise, value and legendary customer service.

Cabela's, which plans to hire more than 100 people from the Saskatoon area, typically attracts experienced outdoor recreationalists as employees, who join the Cabela's family of employees known for their excellent customer service skills and detailed knowledge of outdoor products.

The Preston Crossing shopping area also includes Walmart, Rona and Canadian Tire stores as anchor tenants.

About Cabela's Incorporated

Cabela's Incorporated, headquartered in Sidney, Nebraska, is a leading specialty retailer, and the world's largest direct marketer, of hunting, fishing, camping and related outdoor merchandise. Since the Company's founding in 1961, Cabela's has grown to become one of the most well-known outdoor recreation brands in the world, and has long been recognized as the World's Foremost Outfitter. Through Cabela's growing number of retail stores and its well-established direct business, it offers a wide and distinctive selection of high-quality outdoor products at competitive prices while providing superior customer service. Cabela's also issues the Cabela's CLUB Visa credit card, which serves as its primary customer loyalty rewards program. Cabela's stock is traded on the New York Stock Exchange under the symbol "CAB" .

Caution Concerning Forward-Looking Statements

Statements in this press release that are not historical or current fact are "forward-looking statements" that are based on the Company's beliefs, assumptions and expectations of future events, taking into account the information currently available to the Company. Such forward-looking statements include, but are not limited to, the Company's statement regarding opening a retail store in Saskatoon, Saskatchewan, Canada, in spring of 2012. Forward-looking statements involve risks and uncertainties that may cause the Company's actual results, performance or financial condition to differ materially from the expectations of future results, performance or financial condition that the Company expresses or implies in any forward-looking statements. These risks and uncertainties include, but are not limited to: the level of discretionary consumer spending; the state of the economy, including increases in unemployment levels and bankruptcy filings; changes in the capital and credit markets or the availability of capital and credit; the Company's ability to comply with the financial covenants in its credit agreements; changes in consumer preferences and demographic trends; the Company's ability to successfully execute its multi-channel strategy; the ability to negotiate favorable purchase, lease and/or economic development arrangements for new retail store locations; expansion into new markets and market saturation due to new retail store openings; the rate of growth of general and administrative expenses associated with building a strengthened corporate infrastructure to support the Company's growth initiatives; increasing competition in the outdoor segment of the sporting goods industry; the cost of the Company's products; political or financial instability in countries where the goods the Company sells are manufactured; increases in postage rates or paper and printing costs; supply and delivery shortages or interruptions, and other interruptions or disruptions to our systems, processes or controls, caused by system changes or other factors, including technology system changes in support of our customer relationship management system; adverse or unseasonal weather conditions; fluctuations in operating results; increased government regulation, including regulations relating to firearms and ammunition; inadequate protection of the Company's intellectual property; material security breaches of computer systems; the Company's ability to protect its brand and reputation; changes in accounting rules applicable to securitization transactions, including related increases in required regulatory capital; the Company's ability to manage credit, liquidity, interest rate, operational, legal and compliance risks; increasing competition for credit card products and reward programs; the Company's ability to increase credit card receivables while managing fraud, delinquencies and charge-offs; the Company's ability to securitize its credit card receivables at acceptable rates or access the deposits market at acceptable rates; decreased interchange fees as a result of credit card industry regulation and/or litigation; the impact of legislation, regulation and supervisory regulatory actions in the financial services industry, including the Credit Card Accountability Responsibility and Disclosure Act of 2009, new and proposed regulations affecting securitizations and the recently enacted Dodd-Frank Wall Street Reform and Consumer Protection Act; other factors that the Company may not have currently identified or quantified; and other risks, relevant factors and uncertainties identified in the Company's filings with the SEC (including the information set forth in the "Risk Factors" section of the Company's Form 10-K for the fiscal year ended January 1, 2011), which filings are available at the Company's website at www.cabelas.com and the SEC's website at www.sec.gov. Given the risks and uncertainties surrounding forward-looking statements, you should not place undue reliance on these statements. The Company's forward-looking statements speak only as of the date they are made. Other than as required by law, the Company undertakes no obligation to update or revise forward-looking statements, whether as a result of new information, future events or otherwise.

Investors:
Cabela's Incorporated
Chris Gay, 308-255-2905
or
Media:
Cabela's Incorporated
Kristin Lauver, 308-255-1244