Construction to begin this week; scheduled to open spring of 2008
Cabela’s Incorporated (NYSE: CAB), the World’s Foremost Outfitter® of hunting, fishing and outdoor gear, announced today it is moving forward with plans to build one of its popular destination retail stores in Scarborough, Maine, within the Gateway at Scarborough development. To commemorate the event, a special groundbreaking ceremony will be held at the site on Tuesday, July 17, 2007 at 10 a.m.

Noted speakers and attendees will include (in speaking order) Gene Beaudoin, Partner, FELDCO Development Corp.; John Richardson, Commissioner of the Department of Economic and Community Development; Jeff Messer, Chair of the Scarborough Town Council; Mr. Lynn Ferguson, Cabela’s Senior Vice President of Retail Strategy and Real Estate Development and Barry Feldman, Partner, FELDCO Development Corp.

The 130,000-square-foot Cabela’s store will be the retail anchor for the Gateway at Scarborough, a major mixed-use development that will include 438,000 square feet of retail, commercial and office space. The development is located on the Haigis Parkway at Exit 42 of the Maine Turnpike, and recently received final approval from the Scarborough Planning Board. Construction on the retail store is scheduled to begin this week and the store is expected to open for business by spring of 2008.

“We are extremely pleased to announce we can move forward with this project,” said Dennis Highby, Cabela’s President and Chief Executive Officer. “The Town Council, Planning Board and other town officials have been very supportive during this process, and we especially appreciate the support received from local residents and the Scarborough Economic Development Corporation. We look forward to bringing the Cabela’s retail store experience to the thousands of loyal Cabela’s customers in the region.”

According to developer Gene Beaudoin, the Gateway at Scarborough has already received necessary approvals from the Maine Department of Transportation, the Department of Environmental Protection and the Maine Turnpike Authority.

“The Scarborough Cabela’s store is expected to attract several million visitors a year, drawing outdoor enthusiasts and their families from across the Northeast and Canada,” said Beaudoin. “It is estimated that the entire Gateway at Scarborough project will generate more than $100 million in annual retail sales and provide about 800 full and/or part-time job opportunities.”

In addition to Cabela’s, the Gateway at Scarborough will include approximately 68,600 square feet of complimentary retail space, three 6,000 square foot restaurant facilities, a 4,000 square foot full-service banking facility, a 200-room hotel and approximately 80,000 square feet of professional office space. When completed, the entire project will consist of approximately 11 separate buildings, all in a harmonious architectural design and integrated with a network of roads, pedestrian walkways and landscape features including ponds and fountains.

“The Gateway at Scarborough will be the catalyst for drawing new businesses to the area, helping our existing businesses grow, and creating new property tax revenue for our town,” said Harvey Rosenfeld, president of the Scarborough Economic Development Corporation, which has worked closely with the developer throughout the site location and permitting process. “This project is what good economic development is all about. It is a win-win for everyone.”

To operate the new store, Cabela’s expects to employ as many as 250 people from Scarborough and the surrounding area who will join the Cabela’s family of employees famous for their excellent customer service, outdoor lifestyle and detailed knowledge of outdoor products. Product offerings will include hunting, fishing, camping, hiking, boating and wildlife watching gear, as well as outdoor clothing and outdoor-themed gifts and furnishings.

Cabela’s currently operates 19 retail locations and plans to open seven additional new stores in 2007, including Gonzales, La.; Hoffman Estates, Ill.; East Hartford, Conn.; Hammond, Ind.; Reno, Nev.; Post Falls, Idaho; and Lacey, Wash.

The Scarborough store will be built in Cabela’s trademark style that captures the look and feel of the great outdoors. Cabela’s stores are known as top-notch educational and entertainment attractions, mixing museum- quality animal displays, aquariums stocked with native fish and a centerpiece indoor mountain displaying trophy animals in realistic re-creations of their natural habitats.

Innovatively designed and showcasing thousands of products from Cabela’s world-famous catalogs, Cabela’s stores are known as top shopping and tourism destinations, drawing customers not only from the local area, but also from hundreds of miles away.

Many traveling outdoor enthusiasts are attracted by the familiar Cabela’s script logo and the company’s world- famous reputation for quality merchandise, value and extraordinary customer service.

Features of the Scarborough Cabela’s store will include:

• A towering mountain replica, the centerpiece of the store’s open showroom, with trophy animals in re-creations of their distinct habitats. Similar mountains, each called Conservation Mountain, have been built in other Cabela’s stores as monuments to wildlife and salutes to the sportsmen and women who support wildlife conservation.
• A freshwater aquarium stocked with fish native to the area.
• Museum-quality representations of many wild-game species.
• A World-class Gun Library, providing gun collectors and aficionados the opportunity to browse through a collection of fine examples of the gun-making art.
• An Indoor archery range where archers can test and fine-tune their equipment.
• A Bargain Cave, featuring discount prices on returned and discontinued merchandise.
• An atrium interior with authentic fieldstone accents and wood furnishings.

About Cabela’s Incorporated
Cabela’s Incorporated, headquartered in Sidney, Nebraska, is the world’s largest direct marketer, and a leading specialty retailer, 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 well-established direct business and its growing number of destination retail stores, 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.

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.