----

|   |   |                                                                                    |
|--------|--------|-----------------------------------------------------------------------------------------|
| x      |   | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |

|    | For the quarterly period ended June 27, 2009 |
|--------------|----------------------------------------------|

| o |   | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|--------|------------------------------------------------------------------------------------------|

| Delaware                                                      |   | 20-0486586                             |
|---------------------------------------------------------------|--------|----------------------------------------|
| (State or other jurisdiction ofincorporation or organization) |   | (I.R.S. EmployerIdentification Number) |
|                                                          |   |                                   |
| One Cabela Drive, Sidney, Nebraska                            |   | 69160                                  |
| (Address of principal executive offices)                      |   | (Zip Code)                             |

----

CABELA’S INCORPORATED

|                                 |                                                                                        | Page      |
|--------------------------------------|---------------------------------------------------------------------------------------------|-----------|
| PART I – FINANCIAL INFORMATION |                                                                                        |
|                                 |                                                                                        |      |
| Item 1.                              | Financial Statements                                                                        |   3  |
|                                 |                                                                                        |      |
|                                 | Condensed Consolidated Statements of Income                                                 |   3  |
|                                 |                                                                                        |      |
|                                 | Condensed Consolidated Balance Sheets                                                       |   4  |
|                                 |                                                                                        |      |
|                                 | Condensed Consolidated Statements of Cash Flows                                             |   5  |
|                                 |                                                                                        |      |
|                                 | Notes to Condensed Consolidated Financial Statements                                        |   6  |
|                                 |                                                                                        |      |
| Item 2.                              | Management’s Discussion and Analysis of Financial Condition and Results of Operations |   28 |
|                                 |                                                                                        |      |
| Item 3.                              | Quantitative and Qualitative Disclosures About Market Risk                                  |   55 |
|                                 |                                                                                        |      |
| Item 4.                              | Controls and Procedures                                                                     |   56 |
|                                 |                                                                                        |      |
| Item 4T.                             | Controls and Procedures                                                                     |   56 |
|                                 |                                                                                        |      |
| PART II – OTHER INFORMATION    |                                                                                        |
|                                 |                                                                                        |      |
| Item 1.                              | Legal Proceedings                                                                           |   57 |
|                                 |                                                                                        |      |
| Item 1A.                             | Risk Factors                                                                                |   57 |
|                                 |                                                                                        |      |
| Item 2.                              | Unregistered Sales of Equity Securities and Use of Proceeds                                 |   58 |
|                                 |                                                                                        |      |
| Item 3.                              | Defaults Upon Senior Securities                                                             |   58 |
|                                 |                                                                                        |      |
| Item 4.                              | Submission of Matters to a Vote of Security Holders                                         |   59 |
|                                 |                                                                                        |      |
| Item 5.                              | Other Information                                                                           |   59 |
|                                 |                                                                                        |      |
| Item 6.                              | Exhibits                                                                                    |   60 |
|                                 |                                                                                        |      |
| SIGNATURES                           |   61                                                                                   |
|                                 |                                                                                        |      |
| INDEX TO EXHIBITS                    |   62                                                                                   |

----

TABLE OF CONTENTS

Item 1

| CABELA'S INCORPORATED AND SUBSIDIARIES                             |   |
|--------------------------------------------------------------------|--------|
| CONDENSED CONSOLIDATED STATEMENTS OF INCOME                        |   |
| (Dollars in Thousands Except Earnings Per Share)                   |   |
| (Unaudited)                                                        |   |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                               |   | Three Months Ended |   |   | Six Months Ended |   |
|                                                               |   | June 27, |   |   | June 28, |   |   | June 27, |   |   | June 28, |   |
|                                                               |   | 2009 |   |   | 2008 |   |   | 2009 |   |   | 2008 |   |
| Revenue:                                                           |   |   |   |   |   |   |   |   |   |   |   |   |
| Merchandise sales                                                  |   | $ | 501,145 |   |   | $ | 480,640 |   |   | $ | 1,002,023 |   |   | $ | 971,551 |   |
| Financial services revenue                                         |   |   | 44,129 |   |   |   | 38,253 |   |   |   | 78,023 |   |   |   | 78,961 |   |
| Other revenue                                                      |   |   | 3,962 |   |   |   | 7,059 |   |   |   | 8,730 |   |   |   | 10,979 |   |
| Total revenue                                                      |   |   | 549,236 |   |   |   | 525,952 |   |   |   | 1,088,776 |   |   |   | 1,061,491 |   |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total cost of revenue (exclusive of depreciation and amortization) |   |   | 326,060 |   |   |   | 316,386 |   |   |   | 652,374 |   |   |   | 630,188 |   |
| Selling, distribution, and administrative expenses                 |   |   | 192,536 |   |   |   | 194,714 |   |   |   | 391,758 |   |   |   | 395,365 |   |
| Impairment and restructuring charges                               |   |   | 11,692 |   |   |   | - |   |   |   | 13,370 |   |   |   | - |   |
| Operating income                                                   |   |   | 18,948 |   |   |   | 14,852 |   |   |   | 31,274 |   |   |   | 35,938 |   |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest expense, net                                              |   |   | (6,054 | ) |   |   | (7,748 | ) |   |   | (11,888 | ) |   |   | (14,889 | ) |
| Other non-operating income, net                                    |   |   | 1,654 |   |   |   | 1,755 |   |   |   | 3,700 |   |   |   | 3,614 |   |
| Income before provision for income taxes                           |   |   | 14,548 |   |   |   | 8,859 |   |   |   | 23,086 |   |   |   | 24,663 |   |
| Provision for income taxes                                         |   |   | 5,425 |   |   |   | 1,580 |   |   |   | 8,835 |   |   |   | 7,428 |   |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income                                                         |   | $ | 9,123 |   |   | $ | 7,279 |   |   | $ | 14,251 |   |   | $ | 17,235 |   |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic net income per share                                         |   | $ | 0.14 |   |   | $ | 0.11 |   |   | $ | 0.21 |   |   | $ | 0.26 |   |
| Diluted net income per share                                       |   | $ | 0.14 |   |   | $ | 0.11 |   |   | $ | 0.21 |   |   | $ | 0.26 |   |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic weighted average shares outstanding                          |   |   | 67,030,452 |   |   |   | 66,203,423 |   |   |   | 66,804,333 |   |   |   | 66,068,902 |   |
| Diluted weighted average shares outstanding                        |   |   | 67,570,398 |   |   |   | 66,852,745 |   |   |   | 67,030,985 |   |   |   | 66,761,415 |   |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

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TABLE OF CONTENTS

| CABELA'S INCORPORATED AND SUBSIDIARIES                                                                                                                         |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| CONDENSED CONSOLIDATED BALANCE SHEETS                                                                                                                          |   |
| (Dollars in Thousands Except Par Values)                                                                                                                       |   |
| (Unaudited)                                                                                                                                                    |   |
|                                                                                                                                                           |   |
|                                                                                                                                                           |   |   |   |   |   |   |   |   |   |
| ASSETS                                                                                                                                                         |   | June 27, |   |   | December 27, |   |   | June 28, |   |
|                                                                                                                                                           | 2009   |   |   | 2008 |   |   | 2008 |   |
| CURRENT                                                                                                                                                        |   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents                                                                                                                                      |   | $ | 480,756 |   |   | $ | 410,104 |   |   | $ | 88,125 |   |
| Accounts receivable, net of allowance for doubtful accounts of $1,802, $556 and $1,782                                                                         |   |   | 34,364 |   |   |   | 45,788 |   |   |   | 49,652 |   |
| Credit card loans, net of allowances of $1,193, $1,507 and $1,254                                                                                              |   |   | 138,896 |   |   |   | 167,226 |   |   |   | 184,024 |   |
| Inventories                                                                                                                                                    |   |   | 586,613 |   |   |   | 517,657 |   |   |   | 630,830 |   |
| Prepaid expenses and other current assets                                                                                                                      |   |   | 145,468 |   |   |   | 133,439 |   |   |   | 141,232 |   |
| Income taxes receivable                                                                                                                                        |   |   | - |   |   |   | - |   |   |   | 1,753 |   |
| Total current assets                                                                                                                                           |   |   | 1,386,097 |   |   |   | 1,274,214 |   |   |   | 1,095,616 |   |
| Property and equipment, net                                                                                                                                    |   |   | 864,501 |   |   |   | 881,080 |   |   |   | 916,558 |   |
| Land held for sale or development                                                                                                                              |   |   | 37,550 |   |   |   | 39,318 |   |   |   | 33,312 |   |
| Retained interests in securitized loans, including asset-backed securities                                                                                     |   |   | 121,465 |   |   |   | 61,605 |   |   |   | 38,390 |   |
| Economic development bonds                                                                                                                                     |   |   | 115,650 |   |   |   | 112,585 |   |   |   | 101,316 |   |
| Other assets                                                                                                                                                   |   |   | 25,411 |   |   |   | 27,264 |   |   |   | 32,356 |   |
| Total assets                                                                                                                                                   |   | $ | 2,550,674 |   |   | $ | 2,396,066 |   |   | $ | 2,217,548 |   |
|                                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |
| LIABILITIES AND STOCKHOLDERS’ EQUITY                                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |
| CURRENT                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |
| Accounts payable, including unpresented checks of $30,560, $28,217 and $14,234                                                                                 |   | $ | 163,143 |   |   | $ | 189,766 |   |   | $ | 169,483 |   |
| Gift instruments, and credit card and loyalty rewards programs                                                                                                 |   |   | 164,857 |   |   |   | 184,834 |   |   |   | 170,280 |   |
| Accrued expenses                                                                                                                                               |   |   | 99,270 |   |   |   | 123,296 |   |   |   | 93,134 |   |
| Time deposits                                                                                                                                                  |   |   | 184,711 |   |   |   | 178,817 |   |   |   | 83,979 |   |
| Current maturities of long-term debt                                                                                                                           |   |   | 222 |   |   |   | 695 |   |   |   | 26,701 |   |
| Income taxes payable                                                                                                                                           |   |   | 2,600 |   |   |   | 11,689 |   |   |   | - |   |
| Deferred income taxes                                                                                                                                          |   |   | 10,627 |   |   |   | 11,707 |   |   |   | 13,157 |   |
| Total current liabilities                                                                                                                                      |   |   | 625,430 |   |   |   | 700,804 |   |   |   | 556,734 |   |
| Long-term debt, less current maturities                                                                                                                        |   |   | 490,130 |   |   |   | 379,336 |   |   |   | 606,810 |   |
| Long-term time deposits                                                                                                                                        |   |   | 398,662 |   |   |   | 307,382 |   |   |   | 117,603 |   |
| Deferred income taxes                                                                                                                                          |   |   | 40,935 |   |   |   | 38,707 |   |   |   | 26,667 |   |
| Other long-term liabilities                                                                                                                                    |   |   | 60,136 |   |   |   | 56,132 |   |   |   | 57,243 |   |
|                                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |
| COMMITMENTS AND CONTINGENCIES                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |
| STOCKHOLDERS’ EQUITY                                                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |
| Preferred stock, $0.01 par value; Authorized  -- 10,000,000 shares;  Issued – none                                                   |   |   | - |   |   |   | - |   |   |   | - |   |
| Common stock, $0.01 par value:                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| Class A Voting, Authorized  –  245,000,000 shares;  Issued –  67,063,457, 66,833,984 and 66,463,389 shares |   |   | 671 |   |   |   | 668 |   |   |   | 665 |   |
|     Class B Non-voting,  Authorized  –  245,000,000 shares;  Issued –  none  |   |   | - |   |   |   | - |   |   |   | - |   |
| Additional paid-in capital                                                                                                                                     |   |   | 277,980 |   |   |   | 271,958 |   |   |   | 266,755 |   |
| Retained earnings                                                                                                                                              |   |   | 661,927 |   |   |   | 647,676 |   |   |   | 588,507 |   |
| Accumulated other comprehensive loss                                                                                                                           |   |   | (5,197 | ) |   |   | (6,597 | ) |   |   | (3,436 | ) |
| Total stockholders’ equity                                                                                                                               |   |   | 935,381 |   |   |   | 913,705 |   |   |   | 852,491 |   |
| Total liabilities and stockholders’ equity                                                                                                               |   | $ | 2,550,674 |   |   | $ | 2,396,066 |   |   | $ | 2,217,548 |   |
|                                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |
| Refer to notes to unaudited condensed consolidated financial statements.                                                                                       |   |

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TABLE OF CONTENTS

| CABELA'S INCORPORATED AND SUBSIDIARIES                                                                          |   |
|-----------------------------------------------------------------------------------------------------------------|--------|
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS                                                                 |   |
| (In Thousands)                                                                                                  |   |
| (Unaudited)                                                                                                     |   |
|                                                                                                            |   | Six Months Ended |   |
|                                                                                                            |   | June 27, |   |   | June 28, |   |
| CASH FLOWS FROM OPERATING ACTIVITIES:                                                                           |   | 2009 |   |   | 2008 |   |
| Net income                                                                                                      |   | $ | 14,251 |   |   | $ | 17,235 |   |
| Adjustments to reconcile net income to net cash flows from operating activities:                                |   |   |   |   |   |   |   |   |
| Depreciation and amortization                                                                                   |   |   | 34,856 |   |   |   | 33,842 |   |
| Impairment and restructuring charges                                                                            |   |   | 12,764 |   |   |   | - |   |
| Stock based compensation                                                                                        |   |   | 4,285 |   |   |   | 3,072 |   |
| Deferred income taxes                                                                                           |   |   | (325 | ) |   |   | (5,353 | ) |
| Other, net                                                                                                      |   |   | 2,270 |   |   |   | (2,415 | ) |
| Change in operating assets and liabilities:                                                                     |   |   |   |   |   |   |   |   |
| Accounts receivable                                                                                             |   |   | 11,120 |   |   |   | (4,380 | ) |
| Credit card loans held for sale, net                                                                            |   |   | 134,905 |   |   |   | (24,259 | ) |
| Securitization of credit card loans, net                                                                        |   |   | (107,688 | ) |   |   | 28,902 |   |
| Retained interests in securitized loans (including asset-backed trading securities)                             |   |   | 7,262 |   |   |   | 7,387 |   |
| Inventories                                                                                                     |   |   | (68,956 | ) |   |   | (22,671 | ) |
| Prepaid expenses and other current assets                                                                       |   |   | (13,090 | ) |   |   | (20,740 | ) |
| Land held for sale or development                                                                               |   |   | (127 | ) |   |   | 1,490 |   |
| Accounts payable and accrued expenses                                                                           |   |   | (47,619 | ) |   |   | (127,742 | ) |
| Gift instruments, and credit card and loyalty rewards programs                                                  |   |   | (19,976 | ) |   |   | (13,977 | ) |
| Other long-term liabilities                                                                                     |   |   | (1,504 | ) |   |   | 23,161 |   |
| Income taxes payable                                                                                            |   |   | (9,181 | ) |   |   | (36,926 | ) |
| Net cash used in operating activities                                                                           |   |   | (46,753 | ) |   |   | (143,374 | ) |
|                                                                                                            |   |   |   |   |   |   |   |   |
| CASH FLOWS FROM INVESTING ACTIVITIES:                                                                           |   |   |   |   |   |   |   |   |
| Property and equipment additions                                                                                |   |   | (30,107 | ) |   |   | (91,479 | ) |
| Proceeds from retirements and maturities of economic development bonds                                          |   |   | 91 |   |   |   | 4,738 |   |
| Purchases of asset-backed available for sale securities classified with retained interests in securitized loans |   |   | (76,924 | ) |   |   | - |   |
| Change in credit card loans receivable, net                                                                     |   |   | 770 |   |   |   | 2,680 |   |
| Other investing changes, net                                                                                    |   |   | 7,648 |   |   |   | 2,426 |   |
| Net cash used in investing activities                                                                           |   |   | (98,522 | ) |   |   | (81,635 | ) |
|                                                                                                            |   |   |   |   |   |   |   |   |
| CASH FLOWS FROM FINANCING ACTIVITIES:                                                                           |   |   |   |   |   |   |   |   |
| Change in unpresented checks net of bank balance                                                                |   |   | 2,343 |   |   |   | 2,894 |   |
| Change in time deposits, net                                                                                    |   |   | 98,484 |   |   |   | 40,991 |   |
| Changes in short-term borrowings of financial services subsidiary                                               |   |   | - |   |   |   | (100,000 | ) |
| Borrowings on revolving credit facilities and inventory financing                                               |   |   | 438,261 |   |   |   | 478,474 |   |
| Repayments on revolving credit facilities and inventory financing                                               |   |   | (324,728 | ) |   |   | (307,492 | ) |
| Issuances of long-term debt                                                                                |   |   | - |   |   |   | 61,200 |   |
| Payments on long-term debt                                                                                      |   |   | (147 | ) |   |   | (1,078 | ) |
| Exercise of employee stock options and employee stock purchase plan issuances                                   |   |   | 2,025 |   |   |   | 6,651 |   |
| Other financing changes, net                                                                                    |   |   | (311 | ) |   |   | 312 |   |
| Net cash provided by financing activities                                                                       |   |   | 215,927 |   |   |   | 181,952 |   |
|                                                                                                            |   |   |   |   |   |   |   |   |
| Net change in cash and cash equivalents                                                                         |   |   | 70,652 |   |   |   | (43,057 | ) |
| Cash and cash equivalents, at beginning of period                                                               |   |   | 410,104 |   |   |   | 131,182 |   |
| Cash and cash equivalents, at end of period                                                                     |   | $ | 480,756 |   |   | $ | 88,125 |   |
|                                                                                                            |   |
| Refer to notes to unaudited condensed consolidated financial statements.                                        |   |

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TABLE OF CONTENTS

CABELA’S INCORPORATED AND SUBSIDIARIES

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TABLE OF CONTENTS

|                                                                           |   | June 27, |    |   | December 27, |   |    | June 28, |   |
|--------------------------------------------------------------------------------|--------|----------|---------|--------|--------------|--------|---------|----------|--------|
|                                                                           |   | 2009     |    |   | 2008         |   |    | 2008     |   |
| Asset-backed trading securities                                                |   | $        | 20,125  |   |         | $      | 31,584  |     |   | $ | 9,929 |   |
| Asset-backed available for sale securities (amortized cost of $76,943)         |   |     | 75,123  |   |         |   | -       |     |   |   | - |   |
| Interest-only strip, cash reserve accounts, and cash accounts             |   |     | 26,217  |   |         |   | 30,021  |     |   |   | 28,461 |   |
| Transferor's interest                                                          |   |     | 131,278 |   |         |   | 143,411 |     |   |   | 169,373 |   |
| Other assets - accrued interest receivable and amounts due from the Trust |   |     | 34,589  |   |         |   | 32,379  |     |   |   | 24,749 |   |
| Total                                                                          |   | $        | 287,332 |   |         | $      | 237,395 |     |   | $ | 232,512 |   |

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TABLE OF CONTENTS

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TABLE OF CONTENTS

|                                                                                                                                             |   | June 27, |       |   | December 27, |   |       | June 28, |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------|------------|--------|--------------|--------|------------|----------|--------|
|                                                                                                                                             |   | 2009     |       |   | 2008         |   |       | 2008     |   |
| Credit card loans held for sale (including transferor’s interest of $131,278, $143,411 and $169,373, before allowance for loan losses)     |   | $        | 130,084    |   |         | $      | 157,301    |     |   | $ | 173,616 |   |
| Credit card loans receivable, net of allowances of $1,193, $1,507 and $1,254                                                                     |   |     | 8,812      |   |         |   | 9,925      |     |   |   | 10,408 |   |
| Total                                                                                                                                            |   | $        | 138,896    |   |         | $      | 167,226    |     |   | $ | 184,024 |   |
|                                                                                                                                             |   |     |       |   |         |   |       |     |   |   |   |   |
| Composition of credit card loans at period end:                                                                                                  |   |     |       |   |         |   |       |     |   |   |   |   |
| Loans serviced                                                                                                                                   |   | $        | 2,276,326  |   |         | $      | 2,347,223  |     |   | $ | 2,075,236 |   |
| Loans securitized and sold to outside investors                                                                                                  |   |     | (2,032,900 | )      |         |   | (2,142,688 | )        |   |   | (1,877,023 | ) |
| Securitized loans with securities owned by WFB at par which are classified as asset-backed securities in retained interests on securitized loans |   |     | (97,225    | )      |         |   | (31,584    | )        |   |   | (9,929 | ) |
|                                                                                                                                             |   |     | 146,201    |   |         |   | 172,951    |     |   |   | 188,284 |   |
| Less adjustments to market value and allowance for loan losses                                                                                   |   |     | (7,305     | )      |         |   | (5,725     | )        |   |   | (4,260 | ) |
| Total (including transferor’s interest of  $131,278, $143,411, and $169,373, before allowance for loan losses)                   |   | $        | 138,896    |   |         | $      | 167,226    |     |   | $ | 184,024 |   |
| Delinquent loans including finance charges and fees at period end:                                                                               |   |     |       |   |         |   |       |     |   |   |   |   |
| Managed credit card loans:                                                                                                                       |   |     |       |   |         |   |       |     |   |   |   |   |
| 30-89 days                                                                                                                                       |   | $        | 28,736     |   |         | $      | 28,712     |     |   | $ | 15,737 |   |
| 90 days or more and still accruing                                                                                                               |   |     | 12,823     |   |         |   | 11,145     |     |   |   | 6,960 |   |
| Securitized credit card loans including transferor's interest:                                                                                   |   |     |       |   |         |   |       |     |   |   |   |   |
| 30-89 days                                                                                                                                       |   |     | 28,330     |   |         |   | 28,148     |     |   |   | 15,432 |   |
| 90 days or more and still accruing                                                                                                               |   |     | 12,603     |   |         |   | 10,761     |     |   |   | 6,803 |   |

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TABLE OF CONTENTS

|                                                                            |   | Three Months Ended |      |   | Six Months Ended |   |
|---------------------------------------------------------------------------------|--------|--------------------|-----------|--------|------------------|--------|
|                                                                            |   | June 27,           |      |   | June 28,         |   |   | June 27, |   |   | June 28, |   |
|                                                                            |   | 2009               |      |   | 2008             |   |   | 2009 |   |   | 2008 |   |
|                                                                            |   |               |      |   |             |   |   |   |   |   |   |   |
| Total net charge-offs including finance charges and fees for the periods ended: |   |               |      |   |             |   |   |   |   |   |   |   |
| Managed credit card loans                                                       |   | $                  | 29,417    |   |             | $      | 13,866 |   |   | $ | 55,832 |   |   | $ | 26,256 |   |
| Securitized credit card loans including transferor's interest                   |   |               | 28,941    |   |             |   | 13,599 |   |   |   | 54,582 |   |   |   | 25,667 |   |
|                                                                            |   |               |      |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Annual average credit card loans including finance charges and fees:            |   |               |      |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Managed credit card loans                                                       |   |               | 2,244,608 |   |             |   | 2,013,065 |   |   |   | 2,241,491 |   |   |   | 1,987,565 |   |
| Securitized credit card loans including transferor’s interest             |   |               | 2,218,921 |   |             |   | 1,980,347 |   |   |   | 2,211,127 |   |   |   | 1,952,030 |   |
|                                                                            |   |               |      |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Total net charge-offs as a percentage of annual average loans:                  |   |               |      |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Managed credit card loans                                                       |   |               | 5.24      | %      |             |   | 2.76 | % |   |   | 4.98 | % |   |   | 2.64 | % |
| Securitized credit card loans including transferor's interest                   |   |               | 5.22      | %      |             |   | 2.75 | % |   |   | 4.94 | % |   |   | 2.63 | % |

| 3. | SECURITIES |
|----|------------|

|                           |   |      |    |   | Gross      |   |   | Gross      |   |   |   |   |
|--------------------------------|--------|-----------|---------|--------|------------|--------|--------|------------|--------|--------|--------|--------|
|                           |   | Amortized |    |   | Unrealized |   |   | Unrealized |   |   | Fair   |   |
|                           |   | Cost      |    |   | Gains      |   |   | Losses     |   |   | Value  |   |
| At June 27, 2009:              |   |      |    |   |       |   |   |       |   |   |   |   |
| Available for sale securities: |   |      |    |   |       |   |   |       |   |   |   |   |
| Economic development bonds     |   | $         | 121,396 |   |       | $      | 37     |       |   | $      | (5,783 | )      |   | $ | 115,650 |   |
| Asset-backed securities        |   |      | 76,943  |   |       |   | 825    |       |   |   | (2,645 | )      |   |   | 75,123 |   |
|                           |   | $         | 198,339 |   |       | $      | 862    |       |   | $      | (8,428 | )      |   | $ | 190,773 |   |
|                           |   |      |    |   |       |   |   |       |   |   |   |   |   |   |   |   |
| At December 27, 2008:          |   |      |    |   |       |   |   |       |   |   |   |   |   |   |   |   |
| Available for sale securities: |   |      |    |   |       |   |   |       |   |   |   |   |   |   |   |   |
| Economic development bonds     |   | $         | 122,501 |   |       | $      | 35     |       |   | $      | (9,951 | )      |   | $ | 112,585 |   |
|                           |   |      |    |   |       |   |   |       |   |   |   |   |   |   |   |   |
| At June 28, 2008:              |   |      |    |   |       |   |   |       |   |   |   |   |   |   |   |   |
| Available for sale securities: |   |      |    |   |       |   |   |       |   |   |   |   |   |   |   |   |
| Economic development bonds     |   | $         | 102,881 |   |       | $      | 199    |       |   | $      | (5,751 | )      |   | $ | 97,329 |   |
|                           |   |      |    |   |       |   |   |       |   |   |   |   |   |   |   |   |
| Held to maturity securities:   |   |      |    |   |       |   |   |       |   |   |   |   |   |   |   |   |
| Economic development bonds     |   | $         | 3,987   |   |       | $      | -      |       |   | $      | -      |   |   | $ | 3,987 |   |

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TABLE OF CONTENTS

|                                     |   | Available-for-Sale |    |
|------------------------------------------|--------|--------------------|---------|
|                                     |   | Amortized          |    |   | Fair |   |
|                                     |   | Cost               |    |   | Value |   |
| For the six months ended January 2, 2010 |   | $                  | 1,133   |   |   | $ | 1,110 |   |
| For the fiscal year ended:               |   |               |    |   |   |   |   |   |
| 2010                                     |   |               | 3,103   |   |   |   | 3,228 |   |
| 2011                                     |   |               | 2,446   |   |   |   | 2,406 |   |
| 2012                                     |   |               | 77,840  |   |   |   | 75,679 |   |
| 2013                                     |   |               | 3,203   |   |   |   | 3,071 |   |
| Thereafter                               |   |               | 110,614 |   |   |   | 105,279 |   |
|                                     |   |               |    |   |   |   |   |   |
|                                     |   | $                  | 198,339 |   |   | $ | 190,773 |   |

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TABLE OF CONTENTS

|                                                                                                               |   | June 27, |    |   | December 27, |   |    | June 28, |   |
|--------------------------------------------------------------------------------------------------------------------|--------|----------|---------|--------|--------------|--------|---------|----------|--------|
|                                                                                                               |   | 2009     |    |   | 2008         |   |    | 2008     |   |
| Unsecured revolving credit facility of $430,000 expiring June 30, 2012, with interest at 1.71% at June 27, 2009    |   | $        | 133,311 |   |         | $      | 20,000  |     |   | $ | 220,940 |   |
| Unsecured notes payable due 2016 with interest at 5.99%                                                            |   |     | 215,000 |   |         |   | 215,000 |     |   |   | 215,000 |   |
| Unsecured senior notes payable due 2017 with interest at 6.08%                                                     |   |     | 60,000  |   |         |   | 60,000  |     |   |   | 60,000 |   |
| Unsecured senior notes due 2012-2018 with interest at 7.20%                                                        |   |     | 57,000  |   |         |   | 57,000  |     |   |   | 57,000 |   |
| Unsecured revolving credit facility of $15,000 CAD expiring June 30, 2010, with interest at 2.05% at June 27, 2009 |   |     | 11,524  |   |         |   | 6,465   |     |   |   | 7,143 |   |
| Unsecured senior notes repaid in 2008                                                                              |   |     | -       |   |         |   | -       |     |   |   | 50,000 |   |
| Capital lease obligations payable through 2036                                                                     |   |     | 13,517  |   |         |   | 13,665  |     |   |   | 13,671 |   |
| Other long-term debt                                                                                               |   |     | -       |   |         |   | 7,901   |     |   |   | 9,757 |   |
| Total debt                                                                                                         |   |     | 490,352 |   |         |   | 380,031 |     |   |   | 633,511 |   |
| Less current portion of debt                                                                                       |   |     | (222    | )      |         |   | (695    | )        |   |   | (26,701 | ) |
|                                                                                                               |   |     |    |   |         |   |    |     |   |   |   |   |
| Long-term debt, less current maturities                                                                            |   | $        | 490,130 |   |         | $      | 379,336 |     |   | $ | 606,810 |   |

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TABLE OF CONTENTS

|                           |   | Three Months Ended |   |   | Six Months Ended |   |
|--------------------------------|--------|--------------------|--------|--------|------------------|--------|
|                           |   | June 27,           |   |   | June 27,         |   |
| Impairment losses on:          |   | 2009               |   |   | 2009             |   |
| Land held for sale             |   | $                  | 10,160 |   |             | $      | 10,160 |   |
| Property and equipment         |   |               | 1,532  |   |             |   | 2,604 |   |
| Restructuring charges:         |   |               |   |   |             |   |   |   |
| Severance and related benefits |   |               | -      |   |             |   | 606 |   |
|                           |   | $                  | 11,692 |   |             | $      | 13,370 |   |

|                 |   | Three Months Ended |   |   | Six Months Ended |   |
|----------------------|--------|--------------------|--------|--------|------------------|--------|
|                 |   | June 27,           |   |   | June 28,         |   |   | June 27, |   |   | June 28, |   |
|                 |   | 2009               |   |   | 2008             |   |   | 2009 |   |   | 2008 |   |
| Interest expense     |   | $                  | (6,174 | )      |             | $      | (8,418 | ) |   | $ | (12,175 | ) |   | $ | (15,999 | ) |
| Capitalized interest |   |               | 120    |   |             |   | 663 |   |   |   | 194 |   |   |   | 1,079 |   |
| Interest income      |   |               | -      |   |             |   | 7 |   |   |   | 93 |   |   |   | 31 |   |
|                 |   |               |   |   |             |   |   |   |   |   |   |   |   |   |   |   |
|                 |   | $                  | (6,054 | )      |             | $      | (7,748 | ) |   | $ | (11,888 | ) |   | $ | (14,889 | ) |

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TABLE OF CONTENTS

|                                                   |   | Three Months Ended |   |   | Six Months Ended |   |
|--------------------------------------------------------|--------|--------------------|--------|--------|------------------|--------|
|                                                   |   | June 27,           |   |   | June 28,         |   |   | June 27, |   |   | June 28, |   |
|                                                   |   | 2009               |   |   | 2008             |   |   | 2009 |   |   | 2008 |   |
| Statutory federal rate                                 |   |               | 35.0   | %      |             |   | 35.0 | % |   |   | 35.0 | % |   |   | 35.0 | % |
| State income taxes, net of federal tax benefit         |   |               | 1.8    |   |             |   | 1.6 |   |   |   | 1.8 |   |   |   | 1.6 |   |
| State net operating losses valuation allowance release |   |               | -      |   |             |   | (10.3 | ) |   |   | - |   |   |   | (3.7 | ) |
| Change in state deferred tax rates                     |   |               | -      |   |             |   | (4.3 | ) |   |   | - |   |   |   | (1.6 | ) |
| Change in tax liabilities                              |   |               | -      |   |             |   | (3.8 | ) |   |   | - |   |   |   | (1.4 | ) |
| Other nondeductible items                              |   |               | 0.2    |   |             |   | - |   |   |   | 0.2 |   |   |   | - |   |
| Change in unrecognized tax benefits                    |   |               | 1.0    |   |             |   | - |   |   |   | 1.7 |   |   |   | - |   |
| Other, net                                             |   |               | (0.7   | )      |             |   | (0.4 | ) |   |   | (0.4 | ) |   |   | 0.2 |   |
|                                                   |   |               | 37.3   | %      |             |   | 17.8 | % |   |   | 38.3 | % |   |   | 30.1 | % |

| For the six months ended January 2, 2010 |   | $      | 3,124  |   |
|------------------------------------------|--------|--------|--------|--------|
| For the fiscal year ended:               |   |   |   |   |
| 2010                                     |   |   | 5,515  |   |
| 2011                                     |   |   | 4,883  |   |
| 2012                                     |   |   | 4,292  |   |
| 2013                                     |   |   | 4,262  |   |
| Thereafter                               |   |   | 70,961 |   |
|                                     |   |   |   |   |
|                                     |   | $      | 93,037 |   |

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|                                                                    |   | June 27, |   |   | December 27, |   |   | June 28, |   |
|-------------------------------------------------------------------------|--------|----------|--------|--------|--------------|--------|--------|----------|--------|
|                                                                    |   | 2009     |   |   | 2008         |   |   | 2008     |   |
| Accumulated net unrealized holding losses on economic development bonds |   | $        | (3,620 | )      |         | $      | (6,231 | )        |   | $ | (3,526 | ) |
| Accumulated net unrealized holding losses on asset-backed securities    |   |     | (1,180 | )      |         |   | -      |     |   |   | - |   |
| Accumulated net unrealized holding gains on derivatives                 |   |     | 110    |   |         |   | 33     |     |   |   | 92 |   |
| Cumulative foreign currency translation adjustments                     |   |     | (507   | )      |         |   | (399   | )        |   |   | (2 | ) |
|                                                                    |   |     |   |   |         |   |   |     |   |   |   |   |
| Total accumulated other comprehensive loss                              |   | $        | (5,197 | )      |         | $      | (6,597 | )        |   | $ | (3,436 | ) |

|                                                                                                                                |   | Three Months Ended |   |   | Six Months Ended |   |
|-------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|--------|--------|------------------|--------|
|                                                                                                                                |   | June 27,           |   |   | June 28,         |   |   | June 27, |   |   | June 28, |   |
|                                                                                                                                |   | 2009               |   |   | 2008             |   |   | 2009 |   |   | 2008 |   |
|                                                                                                                                |   |               |   |   |             |   |   |   |   |   |   |   |
| Net income                                                                                                                          |   | $                  | 9,123  |   |             | $      | 7,279 |   |   | $ | 14,251 |   |   | $ | 17,235 |   |
| Changes in net unrealized holding losses on economic development bonds, net of taxes of $(189), $(156), $2,128 and $(1,594)         |   |               | (353   | )      |             |   | (272 | ) |   |   | 2,611 |   |   |   | (2,720 | ) |
| Changes in net unrealized holding losses on asset-backed available for sale securities, net of taxes of $(640) for the 2009 periods |   |               | (1,180 | )      |             |   | - |   |   |   | (1,180 | ) |   |   | - |   |
| Changes in net unrealized holding gains on derivatives designated as cash flow hedges, net of taxes of $87, $14, $45 and $80   |   |               | 147    |   |             |   | 25 |   |   |   | 77 |   |   |   | 138 |   |
| Less adjustment for reclassification of derivatives included in net income, net of taxes of $(38) and $(70) for the 2008 periods    |   |               | -      |   |             |   | (66 | ) |   |   | - |   |   |   | (122 | ) |
| Foreign currency translation adjustment                                                                                             |   |               | 158    |   |             |   | 7 |   |   |   | (108 | ) |   |   | (9 | ) |
| Comprehensive income                                                                                                                |   | $                  | 7,895  |   |             | $      | 6,973 |   |   | $ | 15,651 |   |   | $ | 14,522 |   |

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| 13. | EARNINGS PER SHARE |
|-----|--------------------|

|                                                                                |  Three Months Ended              |   |  Six Months Ended                |
|-------------------------------------------------------------------------------------|---------------------------------------|--------|---------------------------------------|
|                                                                                | June 27,                              |   | June 28,                              |   | June 27, |   | June 28, |
|                                                                                |  2009                            |   |  2008                            |   |  2009 |   |  2008 |
| Weighted average number of shares:                                                  |                                  |   |                                  |   |   |   |   |
| Common shares – basic                                                         | 67,030,452                            |   | 66,203,423                            |   | 66,804,333 |   | 66,068,902 |
| Effect of incremental dilutive securities:                                          |                                  |   |                                  |   |   |   |   |
| Stock options, nonvested stock units, and employee stock purchase plan shares       |      539,946 |   |      649,322 |   |      226,652 |   |      692,513 |
| Common shares – diluted                                                       | 67,570,398                            |   | 66,852,745                            |   | 67,030,985 |   | 66,761,415 |
|                                                                                |                                  |   |                                  |   |   |   |   |
| Stock options outstanding and nonvested stock units issued considered anti-dilutive |   4,289,746                 |   |   4,070,688                 |   |   4,517,473 |   |   4,070,688 |

|                                         |   | Six Months Ended |   |
|----------------------------------------------|--------|------------------|--------|
|                                         |   | June 27,         |   |   | June 28, |   |
|                                         |   | 2009             |   |   | 2008 |   |
| Non-cash financing and investing activities: |   |             |   |   |   |   |
| Accrued property and equipment additions (1) |   | $                | 8,476  |   |   | $ | 13,959 |   |
|                                         |   |             |   |   |   |   |   |   |
| Other cash flow information:                 |   |             |   |   |   |   |   |   |
| Interest paid                                |   | $                | 24,217 |   |   | $ | 18,169 |   |
| Capitalized interest                         |   |             | (194   | ) |   |   | (1,079 | ) |
| Interest paid, net of capitalized interest   |   | $                | 24,023 |   |   | $ | 17,090 |   |
|                                         |   |             |   |   |   |   |   |   |
| Income taxes, net                            |   | $                | 16,366 |   |   | $ | 47,547 |   |

| (1) | Accrued property and equipment additions are recognized in the condensed consolidated statements of cash flows in the period they are paid. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------|

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|                                   |   |   |    |   |   |   |    |      |   |   | Corporate |   |   |   |    |
|----------------------------------------|--------|--------|---------|--------|--------|--------|---------|-----------|--------|--------|-----------|--------|--------|--------|---------|
|                                   |   |   |    |   |   |   |    | Financial |   |   | Overhead  |   |   |   |    |
| Three Months Ended June 27, 2009:      |   | Retail |    |   | Direct |   |    | Services  |   |   | and Other |   |   | Total  |    |
|                                   |   |   |    |   |   |   |    |      |   |   |      |   |   |   |    |
| Revenue from external customers        |   | $      | 302,035 |   |   | $      | 198,924 |      |   | $      | 44,245    |   |   | $      | 4,032   |   |   | $ | 549,236 |   |
| Revenue (loss) from internal customers |   |   | (402    | )      |   |   | 588     |      |   |   | (116      | )      |   |   | (70     | ) |   |   | - |   |
| Total revenue                          |   | $      | 301,633 |   |   | $      | 199,512 |      |   | $      | 44,129    |   |   | $      | 3,962   |   |   | $ | 549,236 |   |
|                                   |   |   |    |   |   |   |    |      |   |   |      |   |   |   |    |   |   |   |   |   |
| Operating income (loss)                |   | $      | 33,965  |   |   | $      | 32,587  |      |   | $      | 12,020    |   |   | $      | (59,624 | ) |   | $ | 18,948 |   |
| As a percentage of revenue             |   |   | 11.3    | %      |   |   | 16.3    | %         |   |   | 27.2      | %      |   |   | N/A     |   |   |   | 3.4 | % |
|                                   |   |   |    |   |   |   |    |      |   |   |      |   |   |   |    |   |   |   |   |   |
| Depreciation and amortization          |   | $      | 10,355  |   |   | $      | 1,243   |      |   | $      | 306       |   |   | $      | 5,580   |   |   | $ | 17,484 |   |
| Assets                                 |   |   | 934,279 |   |   |   | 733,386 |      |   |   | 835,348   |   |   |   | 47,661  |   |   |   | 2,550,674 |   |

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TABLE OF CONTENTS

|                                   |   |   |      |   |   |   |    |      |   |   | Corporate |   |   |   |    |
|----------------------------------------|--------|--------|-----------|--------|--------|--------|---------|-----------|--------|--------|-----------|--------|--------|--------|---------|
|                                   |   |   |      |   |   |   |    | Financial |   |   | Overhead  |   |   |   |    |
| Three Months Ended June 28, 2008:      |   | Retail |      |   | Direct |   |    | Services  |   |   | and Other |   |   | Total  |    |
|                                   |   |   |      |   |   |   |    |      |   |   |      |   |   |   |    |
| Revenue from external customers        |   | $      | 273,122   |   |   | $      | 206,630 |      |   | $      | 38,369    |   |   | $      | 7,831   |   |   | $ | 525,952 |   |
| Revenue (loss) from internal customers |   |   | 502       |   |   |   | 386     |      |   |   | (116      | )      |   |   | (772    | ) |   |   | - |   |
| Total revenue                          |   | $      | 273,624   |   |   | $      | 207,016 |      |   | $      | 38,253    |   |   | $      | 7,059   |   |   | $ | 525,952 |   |
|                                   |   |   |      |   |   |   |    |      |   |   |      |   |   |   |    |   |   |   |   |   |
| Operating income (loss)                |   | $      | 22,406    |   |   | $      | 26,379  |      |   | $      | 11,190    |   |   | $      | (45,123 | ) |   | $ | 14,852 |   |
| As a percentage of revenue             |   |   | 8.2       | %      |   |   | 12.7    | %         |   |   | 29.3      | %      |   |   | N/A     |   |   |   | 2.8 | % |
|                                   |   |   |      |   |   |   |    |      |   |   |      |   |   |   |    |   |   |   |   |   |
| Depreciation and amortization          |   | $      | 10,220    |   |   | $      | 891     |      |   | $      | 288       |   |   | $      | 4,696   |   |   | $ | 16,095 |   |
| Assets                                 |   |   | 1,017,088 |   |   |   | 504,168 |      |   |   | 395,831   |   |   |   | 300,461 |   |   |   | 2,217,548 |   |

|                                   |   |   |    |   |   |   |    |      |   |   | Corporate |   |   |   |     |
|----------------------------------------|--------|--------|---------|--------|--------|--------|---------|-----------|--------|--------|-----------|--------|--------|--------|----------|
|                                   |   |   |    |   |   |   |    | Financial |   |   | Overhead  |   |   |   |     |
| Six Months Ended June 27, 2009:        |   | Retail |    |   | Direct |   |    | Services  |   |   | and Other |   |   | Total  |     |
|                                   |   |   |    |   |   |   |    |      |   |   |      |   |   |   |     |
| Revenue from external customers        |   | $      | 577,159 |   |   | $      | 424,276 |      |   | $      | 78,254    |   |   | $      | 9,087    |   |   | $ | 1,088,776 |   |
| Revenue (loss) from internal customers |   |   | -       |   |   |   | 588     |      |   |   | (231      | )      |   |   | (357     | ) |   |   | - |   |
| Total revenue                          |   | $      | 577,159 |   |   | $      | 424,864 |      |   | $      | 78,023    |   |   | $      | 8,730    |   |   | $ | 1,088,776 |   |
|                                   |   |   |    |   |   |   |    |      |   |   |      |   |   |   |     |   |   |   |   |   |
| Operating income (loss)                |   | $      | 52,019  |   |   | $      | 62,003  |      |   | $      | 23,989    |   |   | $      | (106,737 | ) |   | $ | 31,274 |   |
| As a percentage of revenue             |   |   | 9.0     | %      |   |   | 14.6    | %         |   |   | 30.7      | %      |   |   | N/A      |   |   |   | 2.9 | % |
|                                   |   |   |    |   |   |   |    |      |   |   |      |   |   |   |     |   |   |   |   |   |
| Depreciation and amortization          |   | $      | 20,961  |   |   | $      | 2,408   |      |   | $      | 602       |   |   | $      | 10,885   |   |   | $ | 34,856 |   |
| Assets                                 |   |   | 934,279 |   |   |   | 733,386 |      |   |   | 835,348   |   |   |   | 47,661   |   |   |   | 2,550,674 |   |

|                                   |   |   |      |   |   |   |    |      |   |   | Corporate |   |   |   |    |
|----------------------------------------|--------|--------|-----------|--------|--------|--------|---------|-----------|--------|--------|-----------|--------|--------|--------|---------|
|                                   |   |   |      |   |   |   |    | Financial |   |   | Overhead  |   |   |   |    |
| Six Months Ended June 28, 2008:        |   | Retail |      |   | Direct |   |    | Services  |   |   | and Other |   |   | Total  |    |
|                                   |   |   |      |   |   |   |    |      |   |   |      |   |   |   |    |
| Revenue from external customers        |   | $      | 527,069   |   |   | $      | 442,649 |      |   | $      | 79,179    |   |   | $      | 12,594  |   |   | $ | 1,061,491 |   |
| Revenue (loss) from internal customers |   |   | 930       |   |   |   | 903     |      |   |   | (218      | )      |   |   | (1,615  | ) |   |   | - |   |
| Total revenue                          |   | $      | 527,999   |   |   | $      | 443,552 |      |   | $      | 78,961    |   |   | $      | 10,979  |   |   | $ | 1,061,491 |   |
|                                   |   |   |      |   |   |   |    |      |   |   |      |   |   |   |    |   |   |   |   |   |
| Operating income (loss)                |   | $      | 49,345    |   |   | $      | 59,855  |      |   | $      | 21,967    |   |   | $      | (95,229 | ) |   | $ | 35,938 |   |
| As a percentage of revenue             |   |   | 9.3       | %      |   |   | 13.5    | %         |   |   | 27.8      | %      |   |   | N/A     |   |   |   | 3.4 | % |
|                                   |   |   |      |   |   |   |    |      |   |   |      |   |   |   |    |   |   |   |   |   |
| Depreciation and amortization          |   | $      | 20,223    |   |   | $      | 1,944   |      |   | $      | 586       |   |   | $      | 11,089  |   |   | $ | 33,842 |   |
| Assets                                 |   |   | 1,017,088 |   |   |   | 504,168 |      |   |   | 395,831   |   |   |   | 300,461 |   |   |   | 2,217,548 |   |

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|                                                      |   | Three Months Ended |    |   | Six Months Ended |   |
|-----------------------------------------------------------|--------|--------------------|---------|--------|------------------|--------|
|                                                      |   | June 27,           |    |   | June 28,         |   |   | June 27, |   |   | June 28, |   |
|                                                      |   | 2009               |    |   | 2008             |   |   | 2009 |   |   | 2008 |   |
|                                                      |   |               |    |   |             |   |   |   |   |   |   |   |
| Interest and fee income, net of provision for loan losses |   | $                  | 9,523   |   |             | $      | 8,743 |   |   | $ | 20,512 |   |   | $ | 19,123 |   |
| Interest expense                                          |   |               | (6,497  | )      |             |   | (2,660 | ) |   |   | (12,670 | ) |   |   | (6,162 | ) |
| Net interest income, net of provision for loan losses     |   |               | 3,026   |   |             |   | 6,083 |   |   |   | 7,842 |   |   |   | 12,961 |   |
| Non-interest income:                                      |   |               |    |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Securitization income                                     |   |               | 54,569  |   |             |   | 45,652 |   |   |   | 93,603 |   |   |   | 89,350 |   |
| Other non-interest income                                 |   |               | 15,897  |   |             |   | 16,053 |   |   |   | 30,930 |   |   |   | 32,641 |   |
| Total non-interest income                                 |   |               | 70,466  |   |             |   | 61,705 |   |   |   | 124,533 |   |   |   | 121,991 |   |
| Less: Customer rewards costs                              |   |               | (29,363 | )      |             |   | (29,535 | ) |   |   | (54,352 | ) |   |   | (55,991 | ) |
| Financial Services total revenue                          |   | $                  | 44,129  |   |             | $      | 38,253 |   |   | $ | 78,023 |   |   | $ | 78,961 |   |

|                  | Retail                                                    |   | Direct     |                                                      | Total      |
|-----------------------|-----------------------------------------------------------|--------|------------|-----------------------------------------------------------|------------|
| Three Months Ended:   | June 27,                                                  |   | June 28,   |                                                      | June 27,   |   | June 28, |   | June 27, |   | June 28, |
|                  |  2009                                                |   |  2008 |                                                      |  2009 |   |  2008 |   |  2009 |   |  2008 |
| Product Category      |                                                      |   |       |                                                      |       |   |   |   |   |   |   |   |   |   |   |   |   |
| Hunting Equipment     |        40.0            | %      |       |        31.1            | %          |   |        34.6 | % |   |        22.2 | % |   |        38.0 | % |   |        27.6 | % |
| Clothing and Footwear |        17.5            |   |       |        20.3            |       |   |        24.5 |   |   |        30.7 |   |   |        20.1 |   |   |        24.4 |   |
| Fishing and Marine    |        24.6            |   |       |        28.5            |       |   |        21.0 |   |   |        23.4 |   |   |        23.3 |   |   |        26.5 |   |
| Camping               |          9.3 |   |       |        10.7            |       |   |        12.7 |   |   |        16.0 |   |   |        10.6 |   |   |        12.8 |   |
| Gifts and Furnishings |          8.6 |   |       |          9.4 |       |   |          7.2 |   |   |          7.7 |   |   |          8.0 |   |   |          8.7 |   |
| Total                 |      100.0                       | %      |       |      100.0                       | %          |   |      100.0 | % |   |      100.0 | % |   |      100.0 | % |   |      100.0 | % |

|                  | Retail                                                    |   | Direct     |                                                      | Total      |
|-----------------------|-----------------------------------------------------------|--------|------------|-----------------------------------------------------------|------------|
| Six Months Ended:     | June 27,                                                  |   | June 28,   |                                                      | June 27,   |   | June 28, |   | June 27, |   | June 28, |
|                  |  2009                                                |   |  2008 |                                                      |  2009 |   |  2008 |   |  2009 |   |  2008 |
| Product Category      |                                                      |   |       |                                                      |       |   |   |   |   |   |   |   |   |   |   |   |   |
| Hunting Equipment     |        44.3            | %      |       |        34.9            | %          |   |        35.4 | % |   |        24.3 | % |   |        40.8 | % |   |        30.5 | % |
| Clothing and Footwear |        18.5            |   |       |        22.0            |       |   |        27.7 |   |   |        33.9 |   |   |        22.1 |   |   |        26.9 |   |
| Fishing and Marine    |        20.5            |   |       |        24.0            |       |   |        17.9 |   |   |        19.8 |   |   |        19.4 |   |   |        22.2 |   |
| Camping               |          8.2 |   |       |          9.5 |       |   |        11.6 |   |   |        14.0 |   |   |          9.6 |   |   |        11.4 |   |
| Gifts and Furnishings |          8.5 |   |       |          9.6 |       |   |          7.4 |   |   |          8.0 |   |   |          8.1 |   |   |          9.0 |   |
| Total                 |      100.0                       | %      |       |      100.0                       | %          |   |      100.0 | % |   |      100.0 | % |   |      100.0 | % |   |      100.0 | % |

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| · | Level 1 – Quoted market prices in active markets for identical assets or liabilities. |
|--------|---------------------------------------------------------------------------------------------|
| · | Level 2 – Observable inputs other than quoted market prices.                          |
| · | Level 3 – Unobservable inputs corroborated by little, if any, market data.            |

|                                                                       |   | Fair Value at |    |
|----------------------------------------------------------------------------|--------|---------------|---------|
| Assets - Level 3                                                           |   | June 27,2009  |    |   | December 27, 2008 |   |   | June 28,2008 |   |
|                                                                       |   |          |    |   |   |   |   |   |   |
| Retained interests in securitized loans, including asset-backed securities |   | $             | 121,465 |   |   | $ | 61,605 |   |   | $ | 38,390 |   |
| Economic development bonds                                                 |   |          | 115,650 |   |   |   | 112,585 |   |   |   | 101,316 |   |
|                                                                       |   | $             | 237,115 |   |   | $ | 174,190 |   |   | $ | 139,706 |   |

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|                                                |   | Retained Interests inSecuritized Loans |    |   | Economic DevelopmentBonds |   |
|-----------------------------------------------------|--------|----------------------------------------|---------|--------|---------------------------|--------|
|                                                |   | Three Months Ended                     |    |
|                                                |   | June 27, 2009                          |    |   | June 28, 2008             |   |   | June 27, 2009 |   |   | June 28, 2008 |   |
|                                                |   |                                   |    |   |                      |   |   |   |   |   |   |   |
| Balance, beginning of period                        |   | $                                      | 57,225  |   |                      | $      | 36,864 |   |   | $ | 116,161 |   |   | $ | 106,314 |   |
| Total gains or (losses):                            |   |                                   |    |   |                      |   |   |   |   |   |   |   |   |   |   |   |
| Included in earnings - realized                     |   |                                   | 8,493   |   |                      |   | (2,470 | ) |   |   | - |   |   |   | - |   |
| Included in other comprehensive income - unrealized |   |                                   | (1,820  | )      |                      |   | - |   |   |   | (512 | ) |   |   | (428 | ) |
| Purchases, issuances, and settlements, net          |   |                                   | 57,567  |   |                      |   | 3,996 |   |   |   | 1 |   |   |   | (4,570 | ) |
| Balance, end of period                              |   | $                                      | 121,465 |   |                      | $      | 38,390 |   |   | $ | 115,650 |   |   | $ | 101,316 |   |

|                                                |   | Retained Interests inSecuritized Loans |    |   | Economic DevelopmentBonds |   |
|-----------------------------------------------------|--------|----------------------------------------|---------|--------|---------------------------|--------|
|                                                |   | Six Months Ended                       |    |
|                                                |   | June 27, 2009                          |    |   | June 28, 2008             |   |   | June 27, 2009 |   |   | June 28, 2008 |   |
|                                                |   |                                   |    |   |                      |   |   |   |   |   |   |   |
| Balance, beginning of period                        |   | $                                      | 61,605  |   |                      | $      | 51,777 |   |   | $ | 112,585 |   |   | $ | 98,035 |   |
| Total gains or (losses):                            |   |                                   |    |   |                      |   |   |   |   |   |   |   |   |   |   |   |
| Included in earnings - realized                     |   |                                   | 4,197   |   |                      |   | (9,332 | ) |   |   | - |   |   |   | - |   |
| Included in other comprehensive income - unrealized |   |                                   | (1,820  | )      |                      |   | - |   |   |   | 4,169 |   |   |   | (4,283 | ) |
| Purchases, issuances, and settlements, net          |   |                                   | 57,483  |   |                      |   | (4,055 | ) |   |   | (1,104 | ) |   |   | 7,564 |   |
| Balance, end of period                              |   | $                                      | 121,465 |   |                      | $      | 38,390 |   |   | $ | 115,650 |   |   | $ | 101,316 |   |

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| Description        |   | Fair Value atJune 27, 2009 |   |   | Total Losses |   |
|--------------------|--------|----------------------------|--------|--------|--------------|--------|
| Land held for sale |   | $                          | 20,000 |   |         | $      | (10,160 | ) |

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|                   |   | June 27, 2009  |    |   | December 27, 2008    |   |
|------------------------|--------|----------------|---------|--------|----------------------|--------|
|                   |   | Carrying Value |    |   | Estimated Fair Value |   |   | Carrying Value |   |   | Estimated Fair Value |   |
| Financial Assets       |   |           |    |   |                 |   |   |   |   |   |   |   |
| Credit card loans, net |   | $              | 138,896 |   |                 | $      | 142,139 |   |   | $ | 167,226 |   |   | $ | 168,429 |   |
|                   |   |           |    |   |                 |   |   |   |   |   |   |   |   |   |   |   |
| Financial Liabilities  |   |           |    |   |                 |   |   |   |   |   |   |   |   |   |   |   |
| Time deposits          |   |           | 583,373 |   |                 |   | 610,075 |   |   |   | 486,199 |   |   |   | 508,190 |   |
| Long-term debt         |   |           | 490,352 |   |                 |   | 484,190 |   |   |   | 380,031 |   |   |   | 373,304 |   |

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| · | FSP No. FAS 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly, |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| · | FSP No. FAS 115-2 and FAS 124-2, Recognition and Presentation of Other-Than-Temporary Impairments, and                                                                                     |
| · | FSP No. FSP FAS 107-1 and APB 28-1, Interim Disclosures about Fair Value of Financial Instruments.                                                                                         |

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Item 2

| · | the level of discretionary consumer spending;                                                                                                                                                                                                                                                                                                                                                           |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| · | the state of the economy, including increases in unemployment levels and bankruptcy filings;                                                                                                                                                                                                                                                                                                            |
| · | changes in the capital and credit markets or the availability of capital and credit;                                                                                                                                                                                                                                                                                                                    |
| · | our ability to comply with the financial covenants in our credit agreements;                                                                                                                                                                                                                                                                                                                            |
| · | counterparty risk on our unsecured revolving credit facility;                                                                                                                                                                                                                                                                                                                                           |
| · | changes in consumer preferences and demographic trends;                                                                                                                                                                                                                                                                                                                                                 |
| · | our ability to successfully execute our multi-channel strategy;                                                                                                                                                                                                                                                                                                                                         |
| · | the ability to negotiate favorable purchase, lease, and/or economic development arrangements for new retail store locations;                                                                                                                                                                                                                                                                            |
| · | expansion into new markets;                                                                                                                                                                                                                                                                                                                                                                             |
| · | market saturation due to new retail store openings;                                                                                                                                                                                                                                                                                                                                                     |
| · | the rate of growth of general and administrative expenses associated with building a strengthened corporate infrastructure to support our growth initiatives;                                                                                                                                                                                                                                           |
| · | increasing competition in the outdoor segment of the sporting goods industry;                                                                                                                                                                                                                                                                                                                           |
| · | the cost of our products;                                                                                                                                                                                                                                                                                                                                                                               |
| · | trade restrictions;                                                                                                                                                                                                                                                                                                                                                                                     |
| · | political or financial instability in countries where the goods we sell are manufactured;                                                                                                                                                                                                                                                                                                               |
| · | adverse fluctuations in foreign currencies;                                                                                                                                                                                                                                                                                                                                                             |
| · | increases in postage rates or paper and printing costs;                                                                                                                                                                                                                                                                                                                                                 |
| · | supply and delivery shortages or interruptions caused by system changes or other factors;                                                                                                                                                                                                                                                                                                               |
| · | adverse or unseasonal weather conditions;                                                                                                                                                                                                                                                                                                                                                               |
| · | fluctuations in operating results;                                                                                                                                                                                                                                                                                                                                                                      |
| · | the cost of fuel increasing;                                                                                                                                                                                                                                                                                                                                                                            |
| · | road construction around our retail stores;                                                                                                                                                                                                                                                                                                                                                             |
| · | labor shortages or increased labor costs;                                                                                                                                                                                                                                                                                                                                                               |
| · | increased government regulation, including regulations relating to firearms and ammunition;                                                                                                                                                                                                                                                                                                             |
| · | inadequate protection of our intellectual property;                                                                                                                                                                                                                                                                                                                                                     |
| · | our ability to protect our brand and reputation;                                                                                                                                                                                                                                                                                                                                                        |
| · | changes in accounting rules applicable to securitization transactions, including related increases in required regulatory capital;                                                                                                                                                                                                                                                            |
| · | our ability to manage credit and liquidity risks;                                                                                                                                                                                                                                                                                                                                                       |
| · | any downgrade of the ratings on the outstanding notes issued by our Financial Services business’ securitization trust;                                                                                                                                                                                                                                                                            |
| · | our ability to securitize our credit card receivables at acceptable rates or access the deposits market;                                                                                                                                                                                                                                                                                                |
| · | decreased interchange fees received by our Financial Services business as a result of credit card industry litigation;                                                                                                                                                                                                                                                                                  |
| · | impact of legislation, regulation, and supervisory regulatory actions in the financial services industry including the Credit Card Accountability Responsibility and Disclosure Act of 2009 (the “CARD Act”) and the proposed financial regulatory reform;                                                                                                                                  |
| · | other factors that we may not have currently identified or quantified;                                                                                                                                                                                                                                                                                                                                  |
| · | other risks, relevant factors, and uncertainties identified in our filings with the SEC (including the information set forth in the “Risk Factors” section of our Annual Report on Form 10-K for the fiscal year ended December 27, 2008 (our “2008 Form 10-K”), and in Part II, Item 1A, of this report), which filings areavailable at the SEC’s website atwww.sec.gov. |

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|                         |   | Three Months Ended     |    |   |         |   |    |               |   |
|------------------------------|--------|------------------------|---------|--------|--------------|--------|---------|--------------------|--------|
|                         |   | June 27,2009           |    |   | June 28,2008 |   |    | Increase(Decrease) |   |   | %Change |   |
|                         |   | (Dollars in Thousands) |    |
| Revenue:                     |   |                   |    |   |         |   |    |               |   |   |   |   |
| Retail                       |   | $                      | 301,633 |   |         | $      | 273,624 |               |   | $ | 28,009 |   |   |   | 10.2 | % |
| Direct                       |   |                   | 199,512 |   |         |   | 207,016 |               |   |   | (7,504 | ) |   |   | (3.6 | ) |
| Total merchandise sales      |   |                   | 501,145 |   |         |   | 480,640 |               |   |   | 20,505 |   |   |   | 4.3 |   |
| Financial Services           |   |                   | 44,129  |   |         |   | 38,253  |               |   |   | 5,876 |   |   |   | 15.4 |   |
| Other revenue                |   |                   | 3,962   |   |         |   | 7,059   |               |   |   | (3,097 | ) |   |   | (43.9 | ) |
| Total revenue                |   | $                      | 549,236 |   |         | $      | 525,952 |               |   | $ | 23,284 |   |   |   | 4.4 |   |
|                         |   |                   |    |   |         |   |    |               |   |   |   |   |   |   |   |   |
| Operating income             |   | $                      | 18,948  |   |         | $      | 14,852  |               |   | $ | 4,096 |   |   |   | 27.6 |   |
|                         |   |                   |    |   |         |   |    |               |   |   |   |   |   |   |   |   |
| Net income per diluted share |   | $                      | 0.14    |   |         | $      | 0.11    |               |   | $ | 0.03 |   |   |   | 24.0 |   |

|                         |   | Six Months Ended       |      |   |         |   |      |               |   |
|------------------------------|--------|------------------------|-----------|--------|--------------|--------|-----------|--------------------|--------|
|                         |   | June 27,2009           |      |   | June 28,2008 |   |      | Increase(Decrease) |   |   | %Change |   |
|                         |   | (Dollars in Thousands) |      |
| Revenue:                     |   |                   |      |   |         |   |      |               |   |   |   |   |
| Retail                       |   | $                      | 577,159   |   |         | $      | 527,999   |               |   | $ | 49,160 |   |   |   | 9.3 | % |
| Direct                       |   |                   | 424,864   |   |         |   | 443,552   |               |   |   | (18,688 | ) |   |   | (4.2 | ) |
| Total merchandise sales      |   |                   | 1,002,023 |   |         |   | 971,551   |               |   |   | 30,472 |   |   |   | 3.1 |   |
| Financial Services           |   |                   | 78,023    |   |         |   | 78,961    |               |   |   | (938 | ) |   |   | (1.2 | ) |
| Other revenue                |   |                   | 8,730     |   |         |   | 10,979    |               |   |   | (2,249 | ) |   |   | (20.5 | ) |
| Total revenue                |   | $                      | 1,088,776 |   |         | $      | 1,061,491 |               |   | $ | 27,285 |   |   |   | 2.6 |   |
|                         |   |                   |      |   |         |   |      |               |   |   |   |   |   |   |   |   |
| Operating income             |   | $                      | 31,274    |   |         | $      | 35,938    |               |   | $ | (4,664 | ) |   |   | (13.0 | ) |
|                         |   |                   |      |   |         |   |      |               |   |   |   |   |   |   |   |   |
| Net income per diluted share |   | $                      | 0.21      |   |         | $      | 0.26      |               |   | $ | (0.05 | ) |   |   | (17.6 | ) |

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| · | improve our advertising strategy by using more targeted campaigns throughout our multi-channel model to increase store traffic;                                                       |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| · | improve retail store sales and profitability through enhanced product assortment, a more streamlined flow of merchandise to our retail stores, and reduced operating expenses;        |
| · | manage the merchandise gross margins of our sales channels effectively;                                                                                                               |
| · | improve inventory management by actively managing quantities and product deliveries through enhanced leveraging of existing technologies, and by reducing unproductive inventory; and |
| · | reduce catalog costs with a nominal impact on revenue.                                                                                                                                |

| · | develop a store model that is adaptable to more markets, faster to start-up, and more efficient to operate to reduce our investment, improve productivity through higher merchandise density, and increase sales persquare foot; and |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| · | provide shopper-friendly layouts with regionalized product mixes, concept shops, and new product displays/fixtures featuring an improved look.                                                                                            |

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| · | natural growth by offering industry-leading selection, service, value, and quality;                                                              |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------|
| · | acquisition, retention, and reactivation of customers through our multi-channel platform;                                                        |
| · | category expansion to capitalize on the general outdoor enthusiast;                                                                              |
| · | develop and execute strategies to broaden our exposure to different growing networks, e-commerce platforms, and international e-commerce growth; |
| · | an enhanced focus on the Canadian market by building on our Canada acquisition; and                                                              |
| · | targeted marketing designed to increase sales of certain on-line market sectors.                                                                 |

| · | Requires creditors to provide written notice to consumers 45 days before increasing an annual percentage rate on a credit card account or making a significant change to the terms of a credit card account.  Creditors must also inform consumers of their right to cancel the credit card account before the increase or change goes intoeffect in the same notice. If a consumer cancels the account, the creditor is generally prohibited from applying the increase or change to the account. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| · | Requires creditors to mail or deliver periodic statements for credit card accounts at least 21 days before payment is due.                                                                                                                                                                                                                                                                                                                                                                                   |
| · | Restricts annual percentage rate increases on outstanding balances except under limited circumstances;                                                                                                                                                                                                                                                                                                                                                                                                       |
| · | Restricts interest rate increases during the first year an account is opened except under limited circumstances;                                                                                                                                                                                                                                                                                                                                                                                             |
| · | Requires creditors that increase annual percentage rates to review accounts at least every six months to determine whether the annual percentage rate should be reduced;                                                                                                                                                                                                                                                                                                                                     |
| · | Requires creditors to obtain the credit card account holders opt-in in order to access an over-limit fee and places restrictions on fees charged for over-limit transactions;                                                                                                                                                                                                                                                                                                                                |
| · | Restricts fees that may be charged for making a payment;                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| · | Requires creditors to allocate payments in excess of the required minimum payment to balances with the highest annual percentage rate before balances with a lower rate;                                                                                                                                                                                                                                                                                                                                     |
| · | Requires fees to be “reasonable” and “proportionate” to the account holder’s violation of the cardholder agreement;                                                                                                                                                                                                                                                                                                                                                            |
| · | Requires payment due dates to be the same day each month;                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| · | Requires posting of all agreements on the Internet;                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| · | Restricts issuance of a credit card to a consumer under the age of 21; and                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| · | Requires expanded statement disclosures, such as minimum payment warning.                                                                                                                                                                                                                                                                                                                                                                                                                                    |

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|                                                      |   | Three Months Ended |   |   | Six Months Ended |   |
|-----------------------------------------------------------|--------|--------------------|--------|--------|------------------|--------|
|                                                      |   | June 27,2009       |   |   | June 28,2008     |   |   | June 27,2009 |   |   | June 28,2008 |   |
|                                                      |   |               |   |   |             |   |   |   |   |   |   |   |
| Revenue                                                   |   |               | 100.00 | %      |             |   | 100.00 | % |   |   | 100.00 | % |   |   | 100.00 | % |
| Cost of revenue                                           |   |               | 59.37  |   |             |   | 60.16 |   |   |   | 59.92 |   |   |   | 59.37 |   |
| Gross profit (exclusive of depreciation and amortization) |   |               | 40.63  |   |             |   | 39.84 |   |   |   | 40.08 |   |   |   | 40.63 |   |
| Selling, distribution, and administrative expenses        |   |               | 35.06  |   |             |   | 37.02 |   |   |   | 35.98 |   |   |   | 37.25 |   |
| Impairment and restructuring charges                      |   |               | 2.13   |   |             |   | - |   |   |   | 1.23 |   |   |   | - |   |
| Operating income                                          |   |               | 3.45   |   |             |   | 2.82 |   |   |   | 2.87 |   |   |   | 3.38 |   |
| Other income (expense):                                   |   |               |   |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Interest expense, net                                     |   |               | (1.10  | )      |             |   | (1.48 | ) |   |   | (1.09 | ) |   |   | (1.41 | ) |
| Other income, net                                         |   |               | 0.30   |   |             |   | 0.34 |   |   |   | 0.34 |   |   |   | 0.34 |   |
| Total other income (expense), net                         |   |               | (0.80  | )      |             |   | (1.14 | ) |   |   | (0.75 | ) |   |   | (1.07 | ) |
| Income before provision for income taxes                  |   |               | 2.65   |   |             |   | 1.68 |   |   |   | 2.12 |   |   |   | 2.31 |   |
| Provision for income taxes                                |   |               | 0.99   |   |             |   | 0.30 |   |   |   | 0.81 |   |   |   | 0.70 |   |
| Net income                                                |   |               | 1.66   | %      |             |   | 1.38 | % |   |   | 1.31 | % |   |   | 1.61 | % |

|               |   | Three Months Ended     |    |   |   |   |   |         |   |
|--------------------|--------|------------------------|---------|--------|--------|--------|--------|--------------|--------|
|               |   | June 27,2009           |    |   | %      |   |   | June 28,2008 |   |   | % |   |   | Increase(Decrease) |   |   | %Change |   |
|               |   | (Dollars in Thousands) |    |
|               |   |                   |    |   |   |   |   |         |   |   |   |   |
| Retail             |   | $                      | 301,633 |   |   |   | 55.0   | %            |   | $ | 273,624 |   |   |   | 52.0 | % |   | $ | 28,009 |   |   |   | 10.2 | % |
| Direct             |   |                   | 199,512 |   |   |   | 36.3   |         |   |   | 207,016 |   |   |   | 39.4 |   |   |   | (7,504 | ) |   |   | (3.6 | ) |
| Financial Services |   |                   | 44,129  |   |   |   | 8.0    |         |   |   | 38,253 |   |   |   | 7.3 |   |   |   | 5,876 |   |   |   | 15.4 |   |
| Other              |   |                   | 3,962   |   |   |   | 0.7    |         |   |   | 7,059 |   |   |   | 1.3 |   |   |   | (3,097 | ) |   |   | (43.9 | ) |
|               |   | $                      | 549,236 |   |   |   | 100.0  | %            |   | $ | 525,952 |   |   |   | 100.0 | % |   | $ | 23,284 |   |   |   | 4.4 |   |

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TABLE OF CONTENTS

|                  | Retail                                                    |   | Direct     |                                                      | Total      |
|-----------------------|-----------------------------------------------------------|--------|------------|-----------------------------------------------------------|------------|
| Three Months Ended:   | June 27,                                                  |   | June 28,   |                                                      | June 27,   |   | June 28, |   | June 27, |   | June 28, |
|                  |  2009                                                |   |  2008 |                                                      |  2009 |   |  2008 |   |  2009 |   |  2008 |
| Product Category      |                                                      |   |       |                                                      |       |   |   |   |   |   |   |   |   |   |   |   |   |
| Hunting Equipment     |        40.0            | %      |       |        31.1            | %          |   |        34.6 | % |   |        22.2 | % |   |        38.0 | % |   |        27.6 | % |
| Clothing and Footwear |        17.5            |   |       |        20.3            |       |   |        24.5 |   |   |        30.7 |   |   |        20.1 |   |   |        24.4 |   |
| Fishing and Marine    |        24.6            |   |       |        28.5            |       |   |        21.0 |   |   |        23.4 |   |   |        23.3 |   |   |        26.5 |   |
| Camping               |          9.3 |   |       |        10.7            |       |   |        12.7 |   |   |        16.0 |   |   |        10.6 |   |   |        12.8 |   |
| Gifts and Furnishings |          8.6 |   |       |          9.4 |       |   |          7.2 |   |   |          7.7 |   |   |          8.0 |   |   |          8.7 |   |
| Total                 |      100.0                       | %      |       |      100.0                       | %          |   |      100.0 | % |   |      100.0 | % |   |      100.0 | % |   |      100.0 | % |

|                    |   | Three Months Ended     |    |   |         |   |    |               |   |
|-------------------------|--------|------------------------|---------|--------|--------------|--------|---------|--------------------|--------|
|                    |   | June 27,2009           |    |   | June 28,2008 |   |    | Increase(Decrease) |   |   | %Change |
|                    |   | (Dollars in Thousands) |    |
|                    |   |                   |    |
| Comparable stores sales |   | $                      | 279,301 |   |         | $      | 263,346 |               |   | $ | 15,955 |   |   |   | 6.1 | % |

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TABLE OF CONTENTS

|                                                                 |   | Three Months Ended                                         |      |   |         |   |      |               |   |
|----------------------------------------------------------------------|--------|------------------------------------------------------------|-----------|--------|--------------|--------|-----------|--------------------|--------|
|                                                                 |   | June 27,2009                                               |      |   | June 28,2008 |   |      | Increase(Decrease) |   |   | %Change |   |
|                                                                 |   | (Dollars in Thousands Except Average Balance per Account ) |      |
|                                                                 |   |                                                       |      |   |         |   |      |               |   |   |   |   |
| Average balance of managed credit card loans                         |   | $                                                          | 2,244,608 |   |         | $      | 2,013,065 |               |   | $ | 231,543 |   |   |   | 11.5 | % |
| Average number of active credit card accounts                        |   |                                                       | 1,220,038 |   |         |   | 1,111,069 |               |   |   | 108,969 |   |   |   | 9.8 |   |
|                                                                 |   |                                                       |      |   |         |   |      |               |   |   |   |   |   |   |   |   |
| Average balance per active credit card account                       |   | $                                                          | 1,840     |   |         | $      | 1,812     |               |   | $ | 28 |   |   |   | 1.5 |   |
|                                                                 |   |                                                       |      |   |         |   |      |               |   |   |   |   |   |   |   |   |
| Net charge-offs on managed loans                                     |   | $                                                          | 29,417    |   |         | $      | 13,866    |               |   | $ | 15,551 |   |   |   | 112.2 |   |
| Net charge-offs as a percentage of average managed credit card loans |   |                                                       | 5.24      | %      |         |   | 2.76      | %                  |   |   | 2.48 | % |   |   |   |   |

|                                                                                                  |   | Three Months Ended |    |
|-------------------------------------------------------------------------------------------------------|--------|--------------------|---------|
|                                                                                                  |   | June 27,2009       |    |   | June 28,2008 |   |
|                                                                                                  |   | (In Thousands)     |    |
|                                                                                                  |   |               |    |
| Interest and fee income, net of provision for loan losses                                             |   | $                  | 9,523   |   |   | $ | 8,743 |   |
| Interest expense                                                                                      |   |               | (6,497  | ) |   |   | (2,660 | ) |
| Net interest income, net of provision for loan losses                                                 |   |               | 3,026   |   |   |   | 6,083 |   |
| Non-interest income:                                                                                  |   |               |    |   |   |   |   |   |
| Securitization income (including (losses) gains on sales of credit card loans of $(1,345) and $2,470) |   |               | 54,569  |   |   |   | 45,652 |   |
| Other non-interest income                                                                             |   |               | 15,897  |   |   |   | 16,053 |   |
| Total non-interest income                                                                             |   |               | 70,466  |   |   |   | 61,705 |   |
| Less: Customer rewards costs                                                                          |   |               | (29,363 | ) |   |   | (29,535 | ) |
|                                                                                                  |   |               |    |   |   |   |   |   |
| Financial Services revenue                                                                            |   | $                  | 44,129  |   |   | $ | 38,253 |   |

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TABLE OF CONTENTS

|                                                                                     |   | Three Months Ended     |
|------------------------------------------------------------------------------------------|--------|------------------------|
|                                                                                     |   | June 27,2009           |   | June 28,2008 |
|                                                                                     |   | (Dollars in Thousands) |
|                                                                                     |   |                   |
| Interest income                                                                          |   | $                      | 55,734 |   |   | $ | 46,544 |   |
| Interchange income, net of customer rewards costs                                        |   |                   | 21,913 |   |   |   | 19,996 |   |
| Other fee income                                                                         |   |                   | 13,842 |   |   |   | 7,991 |   |
| Interest expense                                                                         |   |                   | (25,073 | ) |   |   | (19,596 | ) |
| Provision for loan losses                                                                |   |                   | (30,417 | ) |   |   | (14,419 | ) |
| Other                                                                                    |   |                   | 8,130 |   |   |   | (2,263 | ) |
| Managed Financial Services revenue                                                       |   | $                      | 44,129 |   |   | $ | 38,253 |   |
|                                                                                     |   |                   |   |   |   |   |   |   |
| Managed Financial Services Revenue as a Percentage of Average Managed Credit Card Loans: |
| Interest income                                                                          |   |                   | 9.9 | % |   |   | 9.2 | % |
| Interchange income, net of customer rewards costs                                        |   |                   | 3.9 |   |   |   | 4.0 |   |
| Other fee income                                                                         |   |                   | 2.5 |   |   |   | 1.6 |   |
| Interest expense                                                                         |   |                   | (4.5 | ) |   |   | (3.9 | ) |
| Provision for loan losses                                                                |   |                   | (5.4 | ) |   |   | (2.9 | ) |
| Other                                                                                    |   |                   | 1.4 |   |   |   | (0.4 | ) |
| Managed Financial Services revenue                                                       |   |                   | 7.8 | % |   |   | 7.6 | % |

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TABLE OF CONTENTS

| · | shifts in customer preferences;                                                                                                                                            |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| · | retail store, distribution, and warehousing costs which we exclude from our cost of revenue;                                                                               |
| · | Financial Services revenue that we include in revenue for which there are no costs of revenue;                                                                             |
| · | real estate land sales we include in revenue for which costs vary by transaction;                                                                                          |
| · | outfitter services revenue that we include in revenue for which there are no costs of revenue; and                                                                         |
| · | customer shipping charges in revenue which are slightly higher than shipping costs in costs of revenue because of our practice of pricing shipping charges to match costs. |

|                                                            |   | Three Months Ended     |    |         |   |               |    |    |
|-----------------------------------------------------------------|--------|------------------------|---------|--------------|--------|--------------------|---------|---------|
|                                                            |   | June 27,2009           |    | June 28,2008 |   | Increase(Decrease) |    | %Change |   |
|                                                            |   | (Dollars in Thousands) |    |
|                                                            |   |                   |    |
| Merchandise sales                                               |   | $                      | 501,145 |         |   | $                  | 480,640 |    |   | $ | 20,505 |   |   |   | 4.3 | % |
| Merchandise gross margin                                        |   |                   | 175,750 |         |   |               | 165,597 |    |   |   | 10,153 |   |   |   | 6.1 |   |
| Merchandise gross margin as a percentage of merchandise revenue |   |                   | 35.1    | %            |   |               | 34.5    | %       |   |   | 0.6 | % |   |   |   |   |

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TABLE OF CONTENTS

|                                                          |   | Three Months Ended     |    |         |   |               |    |   |
|---------------------------------------------------------------|--------|------------------------|---------|--------------|--------|--------------------|---------|--------|
|                                                          |   | June 27,2009           |    | June 28,2008 |   | Increase(Decrease) |    |   | %Change |
|                                                          |   | (Dollars in Thousands) |
|                                                          |   |                   |    |         |   |               |
| Selling, distribution, and administrative expenses            |   | $                      | 192,536 |         |   | $                  | 194,714 |   |   | $ | (2,178 | ) |   |   | (1.1 | )% |
| SD&A expenses as a percentage of  total revenue |   |                   | 35.1    | %            |   |               | 37.0    | %      |   |   |   |   |   |   |   |   |
| Retail store pre-opening costs                                |   | $                      | 1,311   |         |   | $                  | 2,613   |   |   |   | (1,302 | ) |   |   | (49.8 | ) |

| · | a decrease in catalog and Internet marketing costs of  $3 million, |
|--------|------------------------------------------------------------------------------|
| · | a decrease of $1 million in retail store pre-opening costs,                  |
| · | an increase in depreciation expense of $1 million, and                       |
| · | an increase in costs for professional services of $1 million.                |

| · | Operating costs of $2 million for new stores that were not open in the comparable period of 2008, including $1.6 million in employee compensation and benefit costs. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| · | A decrease in comparable store employee compensation and benefits of $2 million realized from our focus to enhance our retail store efficiencies.                    |
| · | New store pre-opening costs of $1.3 million, a decrease of $1 million over the three months ended June 2008.                                                         |
| · | Higher marketing fees of $2 million received from the Financial Services segment.                                                                                    |

| · | A net decrease in catalog and Internet related marketing costs of $3 million compared to the comparable period of 2008 primarily due to a managed reduction in catalog page count and lower circulation. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| · | A decrease in employee compensation and benefits of $1 million.                                                                                                                                          |
| · | Higher marketing fees of $1 million received from the Financial Services segment.                                                                                                                        |

| · | An increase of $3 million in the marketing fee paid by the Financial Services segment to the Retail segment ($2 million) and the Direct business segment ($1 million).                    |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| · | An increase in postage costs of $1 million due to customer notice mailings completed in the second quarter of 2009.                                                                       |
| · | An increase in professional fees of $1 million due to higher amortization of fees related to recently completed securitizations and to increases in FDIC assessments and consulting fees. |

| · | An increase of $1 million in employee compensation and benefits. |
|--------|------------------------------------------------------------------|
| · | An increase in depreciation expense of $1 million.               |

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|                                                    |   | Three Months Ended     |   |   |         |   |   |               |   |
|---------------------------------------------------------|--------|------------------------|--------|--------|--------------|--------|--------|--------------------|--------|
|                                                    |   | June 27,2009           |   |   | June 28,2008 |   |   | Increase(Decrease) |   |   | %Change |   |
|                                                    |   | (Dollars in Thousands) |   |
|                                                    |   |                   |   |   |         |   |
| Total operating income                                  |   | $                      | 18,948 |   |         | $      | 14,852 |               |   | $ | 4,096 |   |   |   | 27.6 | % |
|                                                    |   |                   |   |   |         |   |   |               |   |   |   |   |   |   |   |   |
| Total operating income as a percentage of total revenue |   |                   | 3.4    | %      |         |   | 2.8    | %                  |   |   |   |   |   |   |   |   |
|                                                    |   |                   |   |   |         |   |   |               |   |   |   |   |   |   |   |   |
| Operating income by business segment:                   |   |                   |   |   |         |   |   |               |   |   |   |   |   |   |   |   |
| Retail                                                  |   | $                      | 33,965 |   |         | $      | 22,406 |               |   |   | 11,559 |   |   |   | 51.6 |   |
| Direct                                                  |   |                   | 32,587 |   |         |   | 26,379 |               |   |   | 6,208 |   |   |   | 23.5 |   |
| Financial Services                                      |   |                   | 12,020 |   |         |   | 11,190 |               |   |   | 830 |   |   |   | 7.4 |   |
|                                                    |   |                   |   |   |         |   |   |               |   |   |   |   |   |   |   |   |
| Operating income as a percentage of segment revenue:    |   |                   |   |   |         |   |   |               |   |   |   |   |   |   |   |   |
| Retail                                                  |   |                   | 11.3   | %      |         |   | 8.2    | %                  |   |   |   |   |   |   |   |   |
| Direct                                                  |   |                   | 16.3   |   |         |   | 12.7   |               |   |   |   |   |   |   |   |   |
| Financial Services                                      |   |                   | 27.2   |   |         |   | 29.3   |               |   |   |   |   |   |   |   |   |

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TABLE OF CONTENTS

|               |   | Six Months Ended       |      |   |   |   |   |         |   |
|--------------------|--------|------------------------|-----------|--------|--------|--------|--------|--------------|--------|
|               |   | June 27,2009           |      |   | %      |   |   | June 28,2008 |   |   | % |   |   | Increase(Decrease) |   |   | %Change |   |
|               |   | (Dollars in Thousands) |      |
|               |   |                   |      |   |   |   |   |         |   |   |   |   |
| Retail             |   | $                      | 577,159   |   |   |   | 53.0   | %            |   | $ | 527,999 |   |   |   | 49.8 | % |   | $ | 49,160 |   |   |   | 9.3 | % |
| Direct             |   |                   | 424,864   |   |   |   | 39.0   |         |   |   | 443,552 |   |   |   | 41.8 |   |   |   | (18,688 | ) |   |   | (4.2 | ) |
| Financial Services |   |                   | 78,023    |   |   |   | 7.2    |         |   |   | 78,961 |   |   |   | 7.4 |   |   |   | (938 | ) |   |   | (1.2 | ) |
| Other              |   |                   | 8,730     |   |   |   | 0.8    |         |   |   | 10,979 |   |   |   | 1.0 |   |   |   | (2,249 | ) |   |   | (20.5 | ) |
|               |   | $                      | 1,088,776 |   |   |   | 100.0  | %            |   | $ | 1,061,491 |   |   |   | 100.0 | % |   | $ | 27,285 |   |   |   | 2.6 |   |

|                  | Retail                                                    |   | Direct     |                                                      | Total      |
|-----------------------|-----------------------------------------------------------|--------|------------|-----------------------------------------------------------|------------|
| Six Months Ended:     | June 27,                                                  |   | June 28,   |                                                      | June 27,   |   | June 28, |   | June 27, |   | June 28, |
|                  |  2009                                                |   |  2008 |                                                      |  2009 |   |  2008 |   |  2009 |   |  2008 |
| Product Category      |                                                      |   |       |                                                      |       |   |   |   |   |   |   |   |   |   |   |   |   |
| Hunting Equipment     |        44.3            | %      |       |        34.9            | %          |   |        35.4 | % |   |        24.3 | % |   |        40.8 | % |   |        30.5 | % |
| Clothing and Footwear |        18.5            |   |       |        22.0            |       |   |        27.7 |   |   |        33.9 |   |   |        22.1 |   |   |        26.9 |   |
| Fishing and Marine    |        20.5            |   |       |        24.0            |       |   |        17.9 |   |   |        19.8 |   |   |        19.4 |   |   |        22.2 |   |
| Camping               |          8.2 |   |       |          9.5 |       |   |        11.6 |   |   |        14.0 |   |   |          9.6 |   |   |        11.4 |   |
| Gifts and Furnishings |          8.5 |   |       |          9.6 |       |   |          7.4 |   |   |          8.0 |   |   |          8.1 |   |   |          9.0 |   |
| Total                 |      100.0                       | %      |       |      100.0                       | %          |   |      100.0 | % |   |      100.0 | % |   |      100.0 | % |   |      100.0 | % |

|                    |   | Six Months Ended       |    |   |         |   |    |               |   |
|-------------------------|--------|------------------------|---------|--------|--------------|--------|---------|--------------------|--------|
|                    |   | June 27,2009           |    |   | June 28,2008 |   |    | Increase(Decrease) |   |   | %Change |
|                    |   | (Dollars in Thousands) |    |
|                    |   |                   |    |
| Comparable stores sales |   | $                      | 508,857 |   |         | $      | 475,438 |               |   | $ | 33,419 |   |   |   | 7.0 | % |

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TABLE OF CONTENTS

|                                                                 |   | Six Months Ended                                           |      |   |         |   |      |               |   |
|----------------------------------------------------------------------|--------|------------------------------------------------------------|-----------|--------|--------------|--------|-----------|--------------------|--------|
|                                                                 |   | June 27,2009                                               |      |   | June 28,2008 |   |      | Increase(Decrease) |   |   | %Change |   |
|                                                                 |   | (Dollars in Thousands Except Average Balance per Account ) |      |
|                                                                 |   |                                                       |      |   |         |   |      |               |   |   |   |   |
| Average balance of managed credit card loans                         |   | $                                                          | 2,241,491 |   |         | $      | 1,987,565 |               |   | $ | 253,926 |   |   |   | 12.8 | % |
| Average number of active credit card accounts                        |   |                                                       | 1,215,532 |   |         |   | 1,102,508 |               |   |   | 113,024 |   |   |   | 10.3 |   |
|                                                                 |   |                                                       |      |   |         |   |      |               |   |   |   |   |   |   |   |   |
| Average balance per active credit card account                       |   | $                                                          | 1,844     |   |         | $      | 1,803     |               |   | $ | 41 |   |   |   | 2.3 |   |
|                                                                 |   |                                                       |      |   |         |   |      |               |   |   |   |   |   |   |   |   |
| Net charge-offs on managed loans                                     |   | $                                                          | 55,832    |   |         | $      | 26,256    |               |   | $ | 29,576 |   |   |   | 112.6 |   |
| Net charge-offs as a percentage of average managed credit card loans |   |                                                       | 4.98      | %      |         |   | 2.64      | %                  |   |   | 2.34 | % |   |   |   |   |

|                                                                                     |   | Six Months Ended |    |
|------------------------------------------------------------------------------------------|--------|------------------|---------|
|                                                                                     |   | June 27,2009     |    |   | June 28,2008 |   |
|                                                                                     |   | (In Thousands)   |    |
|                                                                                     |   |             |    |
| Interest and fee income, net of provision for loan losses                                |   | $                | 20,512  |   |   | $ | 19,123 |   |
| Interest expense                                                                         |   |             | (12,670 | ) |   |   | (6,162 | ) |
| Net interest income, net of provision for loan losses                                    |   |             | 7,842   |   |   |   | 12,961 |   |
| Non-interest income:                                                                     |   |             |    |   |   |   |   |   |
| Securitization income (including gains on sales of credit card loans of $173 and $9,332) |   |             | 93,603  |   |   |   | 89,350 |   |
| Other non-interest income                                                                |   |             | 30,930  |   |   |   | 32,641 |   |
| Total non-interest income                                                                |   |             | 124,533 |   |   |   | 121,991 |   |
| Less: Customer rewards costs                                                             |   |             | (54,352 | ) |   |   | (55,991 | ) |
|                                                                                     |   |             |    |   |   |   |   |   |
| Financial Services revenue                                                               |   | $                | 78,023  |   |   | $ | 78,961 |   |

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TABLE OF CONTENTS

|                                                                                     |   | Six Months Ended       |
|------------------------------------------------------------------------------------------|--------|------------------------|
|                                                                                     |   | June 27,2009           |   | June 28,2008 |
|                                                                                     |   | (Dollars in Thousands) |
|                                                                                     |   |                   |
| Interest income                                                                          |   | $                      | 112,623 |   |   | $ | 98,353 |   |
| Interchange income, net of customer rewards costs                                        |   |                   | 42,157 |   |   |   | 37,823 |   |
| Other fee income                                                                         |   |                   | 25,825 |   |   |   | 15,468 |   |
| Interest expense                                                                         |   |                   | (48,995 | ) |   |   | (41,306 | ) |
| Provision for loan losses                                                                |   |                   | (57,532 | ) |   |   | (26,821 | ) |
| Other                                                                                    |   |                   | 3,945 |   |   |   | (4,556 | ) |
| Managed Financial Services revenue                                                       |   | $                      | 78,023 |   |   | $ | 78,961 |   |
|                                                                                     |   |                   |   |   |   |   |   |   |
| Managed Financial Services Revenue as a Percentage of Average Managed Credit Card Loans: |
| Interest income                                                                          |   |                   | 10.0 | % |   |   | 9.9 | % |
| Interchange income, net of customer rewards costs                                        |   |                   | 3.8 |   |   |   | 3.8 |   |
| Other fee income                                                                         |   |                   | 2.3 |   |   |   | 1.6 |   |
| Interest expense                                                                         |   |                   | (4.4 | ) |   |   | (4.2 | ) |
| Provision for loan losses                                                                |   |                   | (5.1 | ) |   |   | (2.7 | ) |
| Other                                                                                    |   |                   | 0.4 |   |   |   | (0.5 | ) |
| Managed Financial Services revenue                                                       |   |                   | 7.0 | % |   |   | 7.9 | % |

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TABLE OF CONTENTS

|                                                            |   | Six Months Ended       |      |         |   |               |    |    |
|-----------------------------------------------------------------|--------|------------------------|-----------|--------------|--------|--------------------|---------|---------|
|                                                            |   | June 27,2009           |      | June 28,2008 |   | Increase(Decrease) |    | %Change |   |
|                                                            |   | (Dollars in Thousands) |      |
|                                                            |   |                   |      |
| Merchandise sales                                               |   | $                      | 1,002,023 |         |   | $                  | 971,551 |    |   | $ | 30,472 |   |   |   | 3.1 | % |
| Merchandise gross margin                                        |   |                   | 350,314   |         |   |               | 342,557 |    |   |   | 7,757 |   |   |   | 2.3 |   |
| Merchandise gross margin as a percentage of merchandise revenue |   |                   | 35.0      | %            |   |               | 35.3    | %       |   |   | (0.3 | )% |   |   |   |   |

|                                                    |   | Six Months Ended       |    |         |   |               |    |   |
|---------------------------------------------------------|--------|------------------------|---------|--------------|--------|--------------------|---------|--------|
|                                                    |   | June 27,2009           |    | June 28,2008 |   | Increase(Decrease) |    |   | %Change |
|                                                    |   | (Dollars in Thousands) |
|                                                    |   |                   |    |         |   |               |
| Selling, distribution, and administrative expenses      |   | $                      | 391,758 |         |   | $                  | 395,365 |   |   | $ | (3,607 | ) |   |   | (0.9 | )% |
| SD&A expenses as a percentage of total revenue |   |                   | 36.0    | %            |   |               | 37.2    | %      |   |   |   |   |   |   |   |   |
| Retail store pre-opening costs                          |   | $                      | 2,085   |         |   | $                  | 4,555   |   |   |   | (2,470 | ) |   |   | (54.2 | ) |

| · | a decrease in catalog and Internet marketing costs of $8 million,                                |
|--------|--------------------------------------------------------------------------------------------------|
| · | a decrease of $1 million in employee compensation and benefits,                                  |
| · | an increase in new store opening related reimbursements and capitalized costs of $3 million, and |
| · | an increase in costs for professional services of $2 million.                                    |

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| · | Operating costs for new stores that were not open in the comparable period of 2008 of $7 million, including $3 million in employee compensation and benefit costs. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| · | A decrease in comparable store employee compensation and benefits of $3 million realized from our focus to enhance our retail store efficiencies.                  |
| · | Lower marketing fees of $3 million received from the Financial Services segment.                                                                                   |
| · | New store pre-opening costs of $2 million, a decrease of $2 million over the six months ended June 2008.                                                           |
| · | Depreciation on new stores not open in the comparable period of 2008 of $1 million.                                                                                |

| · | A net decrease in catalog and Internet related marketing costs of $8 million compared to the comparable period of 2008 primarily due to a managed reduction in catalog page count and lower circulation. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| · | Lower marketing fees of $5 million received from the Financial Services segment.                                                                                                                         |
| · | A decrease of $1 million in employee compensation and benefits.                                                                                                                                          |

| · | A decrease of $8 million in the marketing fee paid by the Financial Services segment to the Retail segment ($3 million) and the Direct business segment ($5 million).                     |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| · | An increase in advertising and promotional costs of $2 million due to a reduction of incentives received, which was partially offset by fewer new accounts added in the last six months.  |
| · | An increase in professional fees of $2 million due to higher amortization of fees related to recently completed securitizations and to increases in FDIC assessments and consulting fees. |
| · | An increase in postage costs of $1 million due to customer notice mailings completed in the second quarter of 2009.                                                                       |

| · | A net decrease of $1 million in contract labor and equipment and software costs principally from efforts to control costs. |
|--------|----------------------------------------------------------------------------------------------------------------------------|
| · | A decrease of $1 million in property taxes.                                                                                |

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|                                                    |   | Six Months Ended       |   |   |         |   |   |               |   |
|---------------------------------------------------------|--------|------------------------|--------|--------|--------------|--------|--------|--------------------|--------|
|                                                    |   | June 27,2009           |   |   | June 28,2008 |   |   | Increase(Decrease) |   |   | %Change |   |
|                                                    |   | (Dollars in Thousands) |   |
|                                                    |   |                   |   |   |         |   |
| Total operating income                                  |   | $                      | 31,274 |   |         | $      | 35,938 |               |   | $ | (4,664 | ) |   |   | (13.0 | )% |
|                                                    |   |                   |   |   |         |   |   |               |   |   |   |   |   |   |   |   |
| Total operating income as a percentage of total revenue |   |                   | 2.9    | %      |         |   | 3.4    | %                  |   |   |   |   |   |   |   |   |
|                                                    |   |                   |   |   |         |   |   |               |   |   |   |   |   |   |   |   |
| Operating income by business segment:                   |   |                   |   |   |         |   |   |               |   |   |   |   |   |   |   |   |
| Retail                                                  |   | $                      | 52,019 |   |         | $      | 49,345 |               |   |   | 2,674 |   |   |   | 5.4 |   |
| Direct                                                  |   |                   | 62,003 |   |         |   | 59,855 |               |   |   | 2,148 |   |   |   | 3.6 |   |
| Financial Services                                      |   |                   | 23,989 |   |         |   | 21,967 |               |   |   | 2,022 |   |   |   | 9.2 |   |
|                                                    |   |                   |   |   |         |   |   |               |   |   |   |   |   |   |   |   |
| Operating income as a percentage of segment revenue:    |   |                   |   |   |         |   |   |               |   |   |   |   |   |   |   |   |
| Retail                                                  |   |                   | 9.0    | %      |         |   | 9.3    | %                  |   |   |   |   |   |   |   |   |
| Direct                                                  |   |                   | 14.6   |   |         |   | 13.5   |               |   |   |   |   |   |   |   |   |
| Financial Services                                      |   |                   | 30.7   |   |         |   | 27.8   |               |   |   |   |   |   |   |   |   |

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|                      |   | June 27, |   |   | December 27, |   |   | June 28, |   |
|---------------------------|--------|----------|--------|--------|--------------|--------|--------|----------|--------|
| Number of days delinquent |   | 2009     |   |   | 2008         |   |   | 2008     |   |
|                      |   |     |   |   |         |   |   |     |   |
| Greater than 30 days      |   |     | 1.81   | %      |         |   | 1.68   | %        |   |   | 1.08 | % |
| Greater than 60 days      |   |     | 1.08   |   |         |   | 0.97   |     |   |   | 0.66 |   |
| Greater than 90 days      |   |     | 0.56   |   |         |   | 0.47   |     |   |   | 0.33 |   |

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|                                                                 |   | Three Months Ended           |   |   | Six Months Ended |   |
|----------------------------------------------------------------------|--------|------------------------------|--------|--------|------------------|--------|
|                                                                 |   | June 27,2009                 |   |   | June 28,2008     |   |   | June 27,2009 |   |   | June 28,2008 |   |
|                                                                 |   |  (Dollars in Thousands) |   |
|                                                                 |   |                         |   |   |             |   |   |   |   |   |   |   |
| Charge-offs                                                          |   | $                            | 32,013 |   |             | $      | 16,303 |   |   | $ | 60,847 |   |   | $ | 31,268 |   |
| Recoveries                                                           |   |                         | (2,596 | )      |             |   | (2,437 | ) |   |   | (5,015 | ) |   |   | (5,012 | ) |
| Net charge-offs                                                      |   | $                            | 29,417 |   |             | $      | 13,866 |   |   | $ | 55,832 |   |   | $ | 26,256 |   |
| Net charge-offs as a percentage of average managed credit card loans |   |                         | 5.24   | %      |             |   | 2.76 | % |   |   | 4.98 | % |   |   | 2.64 | % |

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|                                      |   | Six Months Ended |    |
|-------------------------------------------|--------|------------------|---------|
|                                      |   | June 27,2009     |    |   | June 28,2008 |   |
|                                      |   | (In Thousands)   |    |
| Net cash used in operating activities     |   | $                | (46,753 | ) |   | $ | (143,374 | ) |
|                                      |   |             |    |   |   |   |   |   |
| Net cash used in investing activities     |   |             | (98,522 | ) |   |   | (81,635 | ) |
|                                      |   |             |    |   |   |   |   |   |
| Net cash provided by financing activities |   |             | 215,927 |   |   |   | 181,952 |   |

|                                                                        |   | Six Months Ended |    |
|-----------------------------------------------------------------------------|--------|------------------|---------|
|                                                                        |   | June 27,2009     |    |   | June 28,2008 |   |
|                                                                        |   | (In Thousands)   |    |
|                                                                        |   |             |    |
|  Borrowings on (repayment of) lines of credit and short-term debt, net |   | $                | 113,533 |   |   | $ | 170,982 |   |
|  Borrowing on (repayment of) variable funding facility – WFB     |   |             | -       |   |   |   | (100,000 | ) |
|  Issuances of long-term debt, net of repayments                        |   |             | (147    | ) |   |   | 60,122 |   |
|  Total                                                                 |   | $                | 113,386 |   |   | $ | 131,104 |   |

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|                                                              |   | Six Months Ended |     |
|-------------------------------------------------------------------|--------|------------------|----------|
|                                                              |   | June 27,2009     |     |   | June 28,2008 |   |
|                                                              |   | (In Thousands)   |     |
|                                                              |   |             |     |
|  Amounts available for borrowing under credit facilities (1) |   | $                | 443,375  |   |   | $ | 445,000 |   |
|  Principal amounts outstanding                               |   |             | (144,835 | ) |   |   | (228,083 | ) |
|  Outstanding letters of credit and standby letters of credit |   |             | (22,280  | ) |   |   | (45,719 | ) |
|  Remaining borrowing capacity                                |   | $                | 276,260  |   |   | $ | 171,198 |   |

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|  (1) | Consists of our revolving credit facility of $430 million and $15 million CAD from the credit facility of our Canada operations. |
|-----------|----------------------------------------------------------------------------------------------------------------------------------|

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| Series          |   | Type                   |   | Total Available Capacity |      |   | Third Party Investor Available Capacity |   |      | Third Party Investor Oustanding |   | Interest Rate | Expected Maturity |
|-----------------|--------|------------------------|--------|--------------------------|-----------|--------|-----------------------------------------|--------|-----------|---------------------------------|--------|---------------|-------------------|
|            |   | (Dollars in Thousands) |
|            |   |                   |   |                     |      |   |                                    |   |      |                            |   |          |              |
| Series 2005-I   |   | Term                   |   | $                        | 140,000   |   |                                    | $      | 140,000   |                            |   | $             | 140,000           |   | Fixed | October 2010 |
| Series 2005-I   |   | Term                   |   |                     | 110,000   |   |                                    |   | 109,500   |                            |   |          | 109,500           |   | Floating | October 2010 |
| Series 2006-III |   | Term                   |   |                     | 250,000   |   |                                    |   | 250,000   |                            |   |          | 250,000           |   | Fixed | October 2011 |
| Series 2006-III |   | Term                   |   |                     | 250,000   |   |                                    |   | 250,000   |                            |   |          | 250,000           |   | Floating | October 2011 |
| Series 2008-I   |   | Term                   |   |                     | 461,500   |   |                                    |   | 461,500   |                            |   |          | 461,500           |   | Fixed (1) | December 2010 |
| Series 2008-I   |   | Term                   |   |                     | 38,500    |   |                                    |   | 38,500    |                            |   |          | 38,500            |   | Floating | December 2010 |
| Series 2008-IV  |   | Term                   |   |                     | 122,500   |   |                                    |   | 122,500   |                            |   |          | 122,500           |   | Fixed | September 2011 |
| Series 2008-IV  |   | Term                   |   |                     | 77,500    |   |                                    |   | 75,900    |                            |   |          | 75,900            |   | Floating | September 2011 |
| Series 2009-I   |   | Term                   |   |                     | 75,000    |   |                                    |   | -         |                            |   |          | -                 |   | Fixed | March 2012 |
| Series 2009-I   |   | Term                   |   |                     | 425,000   |   |                                    |   | 425,000   |                            |   |          | 425,000           |   | Floating | March 2012 |
| Total term      |   |                   |   |                     | 1,950,000 |   |                                    |   | 1,872,900 |                            |   |          | 1,872,900         |   |   |   |
|            |   |                   |   |                     |      |   |                                    |   |      |                            |   |          |              |   |   |   |
| Series 2006-I   |   | Variable Funding       |   |                     | 376,355   |   |                                    |   | 350,000   |                            |   |          | 60,000            |   | Floating | October 2009 |
| Series 2008-III |   | Variable Funding       |   |                     | 260,115   |   |                                    |   | 225,000   |                            |   |          | 100,000           |   | Floating | June 2010 |
| Total variable  |   |                   |   |                     | 636,470   |   |                                    |   | 575,000   |                            |   |          | 160,000           |   |   |   |
| Total available |   |                   |   | $                        | 2,586,470 |   |                                    | $      | 2,447,900 |                            |   | $             | 2,032,900         |   |   |   |

| (1) | The trust entered into an interest rate swap agreement to convert the floating rate notes with a notional amount of $229.85 million into a fixed rate obligation. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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Item 3

|                                                                                   |   | June 27, |   |   | December 27, |   |   | June 28, |   |
|----------------------------------------------------------------------------------------|--------|----------|--------|--------|--------------|--------|--------|----------|--------|
|                                                                                   |   | 2009     |   |   | 2008         |   |   | 2008     |   |
| As a percentage of total balances outstanding:                                         |   |     |   |   |         |   |   |     |   |
| Balances carrying an interest rate based upon various interest rate indices            |   |     | 67.0   | %      |         |   | 66.1   | %        |   |   | 63.9 | % |
| Balances carrying an interest rate of 9.99%                                            |   |     | 1.8    |   |         |   | 1.9    |     |   |   | 2.2 |   |
| Balances carrying an interest rate of 0.00%                                            |   |     | 0.9    |   |         |   | 1.3    |     |   |   | 0.4 |   |
| Balances not carrying interest because their previous month's balance was paid in full |   |     | 30.3   |   |         |   | 30.7   |     |   |   | 33.5 |   |
|                                                                                   |   |     | 100.0  | %      |         |   | 100.0  | %        |   |   | 100.0 | % |

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Item 4

Item 4T

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Item 1

Item 1A

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Item 2

Item 3

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Item 4.

| 1. | Election of nine directors. |
|----|-----------------------------|

|                  | FOR        | WITHHELD            |
|-----------------------|------------|---------------------|
| Theodore M. Armstrong | 61,643,510 | 1,793,089           |
| Richard N. Cabela     | 62,517,264 |   919,335 |
| James W. Cabela       | 61,733,020 | 1,703,579           |
| John H. Edmondson     | 61,655,574 | 1,781,025           |
| John Gottschalk       | 62,591,442 |   845,157 |
| Dennis Highby         | 62,488,751 |   947,848 |
| Rueben Mark           | 53,243,942 | 10,192,657          |
| Michael R. McCarthy   | 53,457,255 | 9,979,344           |
| Thomas L. Millner     | 62,204,302 | 1,232,297           |

| 2. | Approval of amendments to the Company’s 2004 Stock Plan to, among other things, increase the number of shares authorized for issuance. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------|

| FOR        | AGAINST    | ABSTAIN | BROKERNON-VOTES |
|------------|------------|---------|-----------------|
| 42,185,058 | 11,927,929 | 83,718  | 9,239,894       |

| 3. | Ratification of the appointment of Deloitte & Touche LLP as the Company’s independent registered public accounting firm for fiscal 2009. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------|

| FOR        | AGAINST | ABSTAIN | BROKERNON-VOTES |
|------------|---------|---------|-----------------|
| 61,960,509 | 583,040 | 893,050 | 0               |

Item 5

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Item 6

| ExhibitNumber | Description                                                                                                                                                                                                           |
|---------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|          |                                                                                                                                                                                                                  |
| 10            | Cabela’s Incorporated 2004 Stock Plan (as amended and restated effective May 12, 2009) (incorporated by reference from Exhibit 10 of our Current Report on Form 8-K, filed on May 19, 2009, File No. 001-32227) |
|          |                                                                                                                                                                                                                  |
| 31.1          | Certification of CEO Pursuant to Rule 13a-14(a) under the Exchange Act                                                                                                                                                |
|          |                                                                                                                                                                                                                  |
| 31.2          | Certification of CFO Pursuant to Rule 13a-14(a) under the Exchange Act                                                                                                                                                |
|          |                                                                                                                                                                                                                  |
| 32            | Certifications Pursuant to 18 U.S.C. Section 1350                                                                                                                                                                     |

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SIGNATURES 

|                            | CABELA'S INCORPORATED |
|---------------------------------|-----------------------|
|                            |                  |   |
|                            |                  |   |
|                            |                  |   |
| Dated:  July 31, 2009 | By:                   | /s/ Thomas L. Millner |
|                            |                  | Thomas L. Millner |
|                            |                  | President and Chief Executive Officer |
|                            |                  |   |
|                            |                  |   |
|                            |                  |   |
| Dated:  July 31, 2009 | By:                   | /s/ Ralph W. Castner |
|                            |                  | Ralph W. Castner |
|                            |                  | Vice President and Chief Financial Officer |

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Exhibit Index

| ExhibitNumber | Description                                                                                                                                                                                                           |
|---------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|          |                                                                                                                                                                                                                  |
| 10            | Cabela’s Incorporated 2004 Stock Plan (as amended and restated effective May 12, 2009) (incorporated by reference from Exhibit 10 of our Current Report on Form 8-K, filed on May 19, 2009, File No. 001-32227) |
|          |                                                                                                                                                                                                                  |
| 31.1          | Certification of CEO Pursuant to Rule 13a-14(a) under the Exchange Act                                                                                                                                                |
|          |                                                                                                                                                                                                                  |
| 31.2          | Certification of CFO Pursuant to Rule 13a-14(a) under the Exchange Act                                                                                                                                                |
|          |                                                                                                                                                                                                                  |
| 32            | Certifications Pursuant to 18 U.S.C. Section 1350                                                                                                                                                                     |

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