Cabela's Inc. Announces Results of Review of Prior Accounting Policies Related to the Classification of Certain Short-Term Investments.

SIDNEY, Neb. -- Cabela's Incorporated (NYSE: CAB), the World's Foremost Outfitter(R) of hunting, fishing and outdoor gear, today announced the results of its previously announced review of its prior accounting policies related to the classification of certain short-term investments as cash equivalents and its corresponding presentation in the statements of cash flows. The results of this review did not impact the Company's revenue, net income, total assets, stockholders' equity, or earnings per share for any prior periods. As a result of this review, the Company will file as soon as practicable a Form 10-Q/A for the first quarter of fiscal 2006 to restate its statements of cash flows for the three months ended April 1, 2006 and April 2, 2005 and a Form 10-K/A for the fiscal year ended December 31, 2005 to restate its balance sheet as of January 1, 2005 as well as its statements of cash flows for the fiscal years ended December 31, 2005, January 1, 2005 and January 3, 2004. For additional information, investors or other interested parties should refer to the Company's report on Form 10-Q for the quarterly period ended July 1, 2006 and Form 8-K, both of which were filed today.

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(R) 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(R). 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(R) VISA credit card, which serves as its primary customer loyalty rewards program.