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Union Gap, WA Press Release

Cabela's® Unveils New Outpost Store Retail Initiative

New Retail Concept to Debut in Union Gap, Wash.; Anticipated opening in Fall 2012

SIDNEY, Neb. (Feb. 16, 2012) -- -- Cabela's Incorporated (NYSE:CAB), the World's Foremost Outfitter® of hunting, fishing and outdoor gear, announced today plans to open its first Cabela's Outpost Store, unveiling a new retail initiative that will introduce the unique Cabela's retail experience to customers in underserved markets across the United States and Canada.

Map of Washington Cabela's expects the first Cabela's Outpost Store, in Union Gap, Wash., a suburb of Yakima, to open in the fall of 2012. Construction is scheduled to begin in the spring of 2012.

Cabela's Outpost stores, designed for efficiency, flexibility and convenience at around 40,000-square-feet, will open in markets with less than 250,000 people, bringing the same quality products and customer service for which Cabela's is famous to hometown markets too small to support Cabela's popular next-generation stores.

"We believe Cabela's Outpost Stores will be perfectly suited to - and will be particularly successful in - the western United States and Canada," said Cabela's Chief Executive Officer Tommy Millner. "We have more Cabela's Outpost Stores on the planning table, but we can't reveal those locations just yet."

Cabela's Outpost StoreCustomers will be treated to the exciting Cabela's shopping experience with access to all Cabela's merchandise via online order kiosks, as well as free shipping to Cabela's Outposts with an In-Store Pickup program. In-Store Pickup allows customers to order Cabela's gear ahead of time and pick it up at their convenience at the store of their choice. Cabela's Outposts, built with Cabela's rugged outdoor look and theme, also will feature seasonal product assortments in an innovative "Core Flex" flexible floor plan, which will change to meet seasonal demands and provide a different look throughout the year. Revolutionary digital signage will complement the interior layout.

Cabela's Outposts will complement, not replace, Cabela's next-generation stores. In addition to five next-generation stores scheduled to open in 2012, Cabela's has announced plans to open three next-generation stores in 2013 - Columbus, Ohio; Grandville, Mich.; and Louisville, Ky. Currently, Cabela's operates 34 stores in the United States and Canada.

"This is an entirely new concept for us, and that is what is so exciting," Millner said. "Cabela's Outposts are true Cabela's stores, offering the same great customer service and access to all the great products we sell. They will extend our footprint into smaller markets and increase the range in which the Cabela's retail experience reaches our loyal customers."

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

Cabela's typically attracts experienced outdoor enthusiasts as employees, who join the Cabela's family of employees known for their excellent customer service skills and detailed knowledge of outdoor products.

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 the construction and anticipated opening date of a destination retail store in Scarborough, Maine, and the Company's plans to open seven additional new stores in 2007. Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from the expectations of future results that the Company expresses or implies in any forward-looking statements. These risks and uncertainties include, but are not limited to: the ability to negotiate favorable purchase, lease, and/or economic development arrangements for new destination retail store locations; increasing competition in the outdoor segment of the sporting goods industry; supply and delivery shortages or interruptions; delays in traffic planning and/or road construction around new destination retail stores; the ability to secure required governmental permits and approvals, adverse weather conditions; adverse economic conditions causing a decline in discretionary consumer spending; labor shortages or increased labor costs; the acceleration of new destination retail store openings; the cost of fuel increasing; increased government regulation; 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 December 30, 2006), 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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