Cabela's Inc. Undeterred by Court Ruling.

SIDNEY, Neb. -- Cabela's Incorporated (NYSE: CAB), the World's Foremost Outfitter[R] of hunting, fishing and outdoor gear, is aware of the ruling in the United States District Court, District of Minnesota, which states that Gander Mountain is free to use the Gander Mountain trade name and trademarks in direct marketing to consumers. Cabela's believes this ruling is contrary to the agreement that was entered into by Cabela's and Gander Mountain in 1996 where Cabela's bought Gander Mountain's catalog division and acquired rights to Gander Mountain's trademarks in direct marketing. Cabela's is currently reviewing the ruling and discussing its alternatives with legal counsel. These alternatives include, but are not limited to, an appeal of the ruling. While Cabela's and its legal counsel are disappointed in the ruling, Cabela's remains optimistic regarding any further litigation in this matter. Cabela's will continue to protect its legal rights.

Regardless of the outcome of this case, Cabela's is and remains the world's largest direct marketer, and a leading specialty retailer, of outdoor merchandise.

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.

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 its plan to possibly appeal the ruling of the United States District Court, District of Minnesota. 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 outcome of any appeal of the ruling of the United States District Court, District of Minnesota. Further risks and uncertainties include 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.