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Bristol, VA - Press Release

Cabela's® Announces Plans for Bristol, Va.,
Store Construction scheduled to begin in 2013; opening planned for 2015

SIDNEY, Neb. (Aug. 22, 2012) - Cabela's Incorporated (NYSE: CAB), the World's Foremost Outfitter® of hunting, fishing and outdoor gear, announced today plans to bring the extraordinary Cabela's shopping experience to customers in Bristol, Va., and the surrounding area.

Map of VirginiaConstruction is scheduled to begin in 2013 and Cabela's expects to open the location in 2015. It will be the first Cabela's store in Virginia.

The 85,000-square-foot store, to be located in The Falls development area close to Interstate 81's Exit 5 along Lee Highway, will be built in Cabela's trademark style with an exterior of log construction, stonework, wood siding and metal roofing. Large glass storefronts will allow customers to view much of the store's interior as they approach the building.

The interior will highlight Cabela's next-generation layout, which is designed to maximize product assortment and availability while surrounding customers in the outdoor experience with wildlife and outdoor memorabilia displays. It will feature thousands of quality outdoor products, museum-quality animal mounts, a Gun Library, Bargain Cave and Fudge Shop, as well as other unique features.

"Cabela's has a deep customer base not only in and around Bristol but across the region, people who share our passion for the Great Outdoors," said Tommy Millner, Cabela's Chief Executive Officer. "These outdoorsmen and women have supported Cabela's for a long time, shopped with us via our catalog and online, so it was time to bring them the unique Cabela's retail experience."

The store will be an anchor tenant of The Falls, a new retail development scheduled to accommodate about 1.5 million-square-feet of retail space.

"We are proud that Cabela's has chosen Bristol as their first location in Virginia," said Bristol, Va., Mayor Jim Steele. "The unique style of their retail locations parallels the natural beauty of Virginia. This, coupled with Cabela's commitment to providing exceptional experiences for the outdoor enthusiast, makes The Falls a perfect location for a shopping stopover for locals and those traveling to Bristol."

Cabela's is famous for its strong brand and world-renowned reputation for delivering quality merchandise, value and superior customer service. The company typically attracts experienced outdoor enthusiasts from the surrounding area as employees.

Also today, Cabela's announced plans to open a 110,000-square-foot store in Christiana, Del., in 2014.

Currently, Cabela's operates 38 stores across the United States and Canada. The company will open stores in Rogers, Ark., and Union Gap, Wash., on Aug. 30 and Oct. 4, respectively, and has announced plans to open seven stores in 2013 - Saginaw, Mich.; Columbus, Ohio; Grandville, Mich.; Louisville, Ky.; Green Bay, Wis.; Thornton, Colo.; and Lone Tree, Colo. Cabela's also has announced plans to open a store in Anchorage, Alaska, in 2014.

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 statements regarding opening a retail store in Bristol, Va. in 2014. 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 state of the economy and the level of discretionary consumer spending, including changes in consumer preferences and demographic trends; adverse changes in the capital and credit markets or the availability of capital and credit; the Company's ability to successfully execute its multi-channel strategy; increasing competition in the outdoor sporting goods industry and for credit card products and reward programs; the cost of the Company's products, including increases in fuel prices; the availability of the Company's products due to political or financial instability in countries where the goods the Company sells are manufactured; supply and delivery shortages or interruptions, and other interruptions or disruptions to the Company's systems, processes, or controls, caused by system changes or other factors; increased or adverse government regulations, including regulations relating to firearms and ammunition; the Company's ability to protect its brand, intellectual property, and reputation; the outcome of litigation, administrative, and/or regulatory matters (including a Commissioner's charge the Company's received from the Chair of the U. S. Equal Employment Opportunity Commission in January 2011); the Company's ability to manage credit, liquidity, interest rate, operational, legal, and compliance risks; the Company's ability to increase credit card receivables while managing credit quality; the Company's ability to securitize its credit card receivables at acceptable rates or access the deposits market at acceptable rates; the impact of legislation, regulation, and supervisory regulatory actions in the financial services industry, including the Dodd-Frank Wall Street Reform and Consumer Protection Act; 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 December 31, 2011, and Form 10-Q for the fiscal quarter ended June 30, 2012), 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.

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