Cabela's to Purchase Canadian Outdoor Retailer

Cabela’s Incorporated (NYSE: CAB), the World’s Foremost Outfitter® of hunting, fishing and outdoor gear, announced today it has reached an agreement to purchase S.I.R. Warehouse Sports Store, a Winnipeg-based specialty retailer that for generations has supplied hunting, fishing, camping and related outdoor merchandise to Canadian outdoorsmen and women. S.I.R. was founded in 1924 by Sydney Isaac Robinson and has grown into one of Canada’s leading outdoor outfitters through its mail-order operation and 44,000-square-foot retail store in the heart of Winnipeg’s busiest shopping district. A family-owned and operated business, S.I.R is headed by Earl Robinson, son of the company’s founder, who serves as president. "S.I.R. has long been a tradition for many outdoor enthusiasts in Canada in much the same mold as Cabela’s,” said Dennis Highby, Cabela’s President and Chief Executive Officer. "This acquisition will allow us to accelerate growth of our retail, catalog and Internet business in Canada, and though we already have a loyal customer base in Canada, we expect significant growth in Canadian business as a result of this transaction.” "S.I.R.’s facilities will become the headquarters for our Canadian operations,” Highby said. "And S.I.R.’s employees, who we expect to retain, will become our first Canadian employees.” Cabela’s, founded in 1961, has a similar family-oriented history and tradition. Dick Cabela and his brother, Jim, built the company from a small mail-order operation to a world-wide multi-channel retail operation, selling merchandise through mail-order, a Web site and a growing chain of destination retail stores. Cabela’s went public on the New York Stock Exchange in 2004. Cabela’s currently has thousands of catalog and Internet customers in Canada, but this would be its first Canadian retail operation. The purchase price has not been disclosed. "In Cabela’s 45-year history of continued growth, we’ve developed a reputation for unsurpassed customer service, value and an industry-leading selection of quality products. S.I.R. customers can expect the same,” Highby said. The purchase, which Cabela’s expects to close in 30 to 60 days, will be Cabela’s second announced venture in Canada. The Sidney, Neb., -based company plans to build one of its trademark destination retail stores at the proposed Lac Mirabel development in Montreal. Bieber Securities Inc. acted as advisor to S.I.R. Warehouse Sports Store in this transaction. 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 closing of the purchase of S.I.R., the opening of a destination retail store in Montreal, and significant growth in Canadian business as a result of the S.I.R. acquisition. 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 ability to negotiate favorable purchase, lease and/or economic development arrangements for new destination retail store locations; regulatory and legal challenges involved in opening and operating retail stores in Canada; expansion into new markets; difficulties encountered in integrating acquired businesses; the satisfaction of closing conditions to the purchase of S.I.R.; the retention of S.I.R employees; increasing competition in the outdoor segment of the sporting goods industry; the cost of the Company’s products; unseasonal weather conditions which impact the demand for the Company’s products; adverse economic conditions causing a decline in discretionary consumer spending; the cost of fuel increasing; changes in consumer preferences and demographic trends; 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, and Form 10-Q for the fiscal quarter ended March 31, 2007), 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.