EXHIBIT 99.1

PRESS RELEASE

Dick’s Sporting Goods Reports 64% Increase in Net Income and 50% Increase in 1st Quarter EPS

PITTSBURGH, Pa., May 18, 2004 — Dick’s Sporting Goods, Inc. (NYSE: DKS) today reported sales and earnings results for the first quarter ended May 1, 2004.

Net income for the first quarter ended May 1, 2004 increased 64% to $10.9 million and earnings per share increased 50% to $0.21 per diluted share as compared to net income of $6.7 million and earnings per share of $0.14 per diluted share for the quarter ended May 3, 2003. Total sales for the quarter increased 20% to $364.2 million. Comparable store sales increased 4.6%.

“We are pleased to begin the fiscal year with such a strong first quarter,” said Edward W. Stack, Chairman and CEO. “We again executed on the inventory management front with comp sales of 4.6%, gross profit margin increasing 100 basis points and a decline in inventory per square foot of 2.6%.”

“In addition, this quarter, we opened six new stores with a plan to open an additional 19 by the end of the year. We also continued building our infrastructure for the future as we broke ground on the 200,000 square foot expansion of our distribution center planned to be in operation early next year. ”

First Quarter Store Openings

During the first quarter, the Company opened six new stores. Four of these stores were in new markets: Three in the Indianapolis, IN metropolitan area (Greenwood, Castleton and Avon), and Myrtle Beach, SC. Two of the stores opened were in existing markets: Niles, OH (the second store in the Youngstown market) and Plainville, CT (the third store in the Hartford market). As of May 1, 2004, the Company operated 169 stores in 27 states.

Second Quarter and Full Year Outlook

The Company’s current outlook for the second quarter of 2004 and the full year is based on current expectations and includes “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act as described later in this release. Although the Company believes that comments reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct.

	Second Quarter 2004
•	Based on an estimated 52.5 million fully-diluted shares outstanding, EPS for the second quarter is expected to be $0.32 – 0.33 per diluted share, a 3 – 6% increase over the prior year’s second quarter EPS of $0.31. Last year’s second quarter included $0.02 per fully-diluted share of gain from the sale of stock of our third-party internet commerce service provider, while this year’s second quarter estimate includes $0.01 per fully-diluted share of expenses for the relocation of a store.
•	Net income is expected to be $16.8 – 17.2 million, compared to last year’s net income of $15.5 million in the second quarter, an increase of 8 – 11%.
•	Comparable store sales are expected to increase 2-3%.
•	There are no stores planned to open in the second quarter. The Company expects to relocate three stores during the quarter. Expenses associated with the relocations are expected to be approximately $0.7 million after-tax. These expenses are included in the guidance for net income and EPS above and in the full year guidance below.
	Full Year 2004
•	Based on an estimated 53.2 million fully-diluted shares outstanding, the Company now anticipates reporting EPS for the full year of $1.27 – 1.28 per diluted share, an increase from the prior guidance of $1.24 – 1.25. Compared to last year’s earnings per fully-diluted share of $1.05, this represents an increase of 21 – 22%.
•	Net income is expected to be $67.6 – 68.1 million, compared to last year’s net income of $52.8 million, an increase of 28 – 29%. Prior guidance for net income was $65.7 – 66.5 million.
•	Comparable store sales are expected to increase approximately 3%.
	Conference Call Info
	The Company will be hosting a conference call today at 10:00 am Eastern time to discuss the first quarter results. Investors will have the opportunity to listen to the earnings conference call over the internet through the Company’s web site located at http://www.dickssportinggoods.com/investors. To listen to the live call, please go to the web site at least fifteen minutes early to register, download and install any necessary audio software.
	For those who cannot listen to the live broadcast, the webcast will be archived on the Company’s web site for approximately 30 days. In addition, a dial-in replay will be available shortly after the call. To listen, investors should dial (888) 286-8010 (domestic callers) or (617) 801-6888 (international callers) and enter confirmation code 21656378. The dial-in replay will be available for 7 days following the live call.

Forward Looking Statements and Note on Presentation of Prior Period EPS

Except for historical information contained herein, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. You can identify these statements by forward looking words such as “may,” “will,” “expect,” “anticipate,” “believe,” “guidance,” “estimate,” “intend,” “predict,” and “continue” or similar words. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the Company’s actual results in future periods to differ materially from forecasted results. Those risks and uncertainties are more fully described in the Company’s Annual Report on Form 10-K for the year ended January 31, 2004 as filed with the Securities and Exchange Commission on April 8, 2004. The Company disclaims any obligation to update any such factors or to publicly announce results of any revisions to any of the forward-looking statements contained herein to reflect future events or developments.

The prior period EPS numbers presented in this press release have been adjusted to give effect to the two-for-one stock split, in the form of a stock dividend, which became effective on April 5, 2004 to our stockholders of record on March 19, 2004.

About Dick’s Sporting Goods, Inc.

Pittsburgh-based Dick’s Sporting Goods, Inc. is an authentic full-line sporting goods retailer offering a broad assortment of brand name sporting goods equipment, apparel, and footwear in a specialty store environment. As of May 1, 2004, the Company operated 169 stores in 27 states throughout the Eastern half of the U.S.

Dick’s Sporting Goods, Inc. news releases are available at
http://www.dickssportinggoods.com/ (click on the Investor Relations link at the bottom
of the home page).

Contact:

Michael F. Hines EVP — Chief Financial Officer or
Jeffrey R. Hennion, SVP — Strategic Planning
412-788-6066
investors@dcsg.com

DICK’S SPORTING GOODS, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF INCOME — UNAUDITED
(In thousands, except per share data)

	13 Weeks Ended
	May 1,			May 3,
	2004			2003
Net sales	$	364,207		$	304,728
Cost of goods sold, including occupancy and distribution costs		261,528			221,880
GROSS PROFIT		102,679			82,848
Selling, general and administrative expenses		82,167			68,802
Pre-opening expenses		2,742			2,456
INCOME FROM OPERATIONS		17,770			11,590
Interest expense, net		642			506
Other income		(1,000	)		–
INCOME BEFORE INCOME TAXES		18,128			11,084
Provision for income taxes		7,251			4,434
NET INCOME	$	10,877		$	6,650
EARNINGS PER COMMON SHARE:
Basic	$	0.23		$	0.16
Diluted	$	0.21		$	0.14
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic		47,321			41,028
Diluted		52,392			47,961

DICK’S SPORTING GOODS, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED BALANCE SHEETS — UNAUDITED
(Dollars in thousands)

	May 1,		May 3,		January 31,
	2004		2003		2004
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	172,778	$	15,748	$	93,674
Short-term investments		19,933		–		–
Accounts receivable, net		17,603		20,235		10,417
Inventories, net		314,599		283,771		254,360
Prepaid expenses and other current assets		6,789		7,099		5,222
Deferred income taxes		1,585		9,850		1,021
Total current assets		533,287		336,703		364,694
Property and equipment, net		95,281		76,742		100,965
Construction in progress — leased facilities		22,334		–		10,927
Long-term investments		28,010		–		–
Other assets		27,963		20,577		21,945
TOTAL ASSETS	$	706,875	$	434,022	$	498,531
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$	158,747	$	137,787	$	118,383
Accrued expenses		66,078		55,875		72,090
Deferred revenue and other liabilities		28,954		18,196		37,037
Income taxes payable		3,164		3,811		–
Current portion of other long-term debt and capital leases		505		213		505
Total current liabilities		257,448		215,882		228,015
LONG-TERM LIABILITIES:
Senior convertible notes		172,500		–		–
Revolving credit borrowings		–		45,275		–
Other long-term debt and capital leases		3,288		3,312		3,411
Non-cash obligations for construction in progress — leased facilities		22,334		–		10,927
Deferred revenue and other liabilities		13,308		12,919		13,197
Total long-term liabilities		211,430		61,506		27,535
STOCKHOLDERS’ EQUITY:
Preferred stock		–		–		–
Common stock		335		270		331
Class B common stock		141		152		141
Additional paid-in capital		159,738		139,194		175,748
Retained earnings		73,921		16,875		63,044
Accumulated other comprehensive income		3,862		143		3,717
Total stockholders’ equity		237,997		156,634		242,981
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	706,875	$	434,022	$	498,531

DICK’S SPORTING GOODS, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS — UNAUDITED
(Dollars in thousands)

	13 Weeks Ended
	May 1,			May 3,
	2004			2003
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	10,877		$	6,650
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization		4,296			3,283
Deferred income taxes		(649	)		(1,777	)
Tax benefit from exercise of stock options		2,895			5,554
Other non-cash items		—			2,067
Changes in assets and liabilities:
Accounts receivable		(3,956	)		(3,835	)
Inventories		(60,239	)		(50,274	)
Prepaid expenses and other assets		(1,569	)		(499	)
Accounts payable		33,213			8,718
Accrued expenses		(6,012	)		(3,373	)
Income taxes payable		3,709			(8,952	)
Deferred revenue and other liabilities		(7,916	)		(3,823	)
Net cash used in operating activities		(25,351	)		(46,261	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures		(10,820	)		(9,387	)
Proceeds from sale-leaseback transactions		12,152			7,403
Purchase of held-to-maturity securities		(47,943	)		—
Increase in recoverable costs from developed properties		(3,230	)		—
Net cash used in investing activities		(49,841	)		(1,984	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of convertible notes		172,500			—
Revolving credit borrowings, net		—			45,275
Payments on other long-term debt and capital leases		(123	)		(52	)
Payment for purchase of bond hedge		(33,120	)		—
Proceeds from issuance of warrant		12,420			—
Transaction costs for convertible notes		(5,786	)		—
Proceeds from exercise of stock options		1,254			3,606
Increase in bank overdraft		7,151			3,861
Transaction costs related to initial public offering		—			183
Net cash provided by financing activities		154,296			52,873
NET INCREASE IN CASH AND CASH EQUIVALENTS		79,104			4,628
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD		93,674			11,120
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	172,778		$	15,748
Supplemental non-cash investing and financing activities:
Construction in progress — leased facilities	$	11,407		$	—

Regulation G Reconciliation

The following table sets forth the calculation of EBITDA, which is non-GAAP financial information, and reconciles EBITDA to the most directly comparable GAAP information. EBITDA for the 13 weeks ended May 1, 2004 and the last 12 months ended May 1, 2004 was $23.1 million and $115.6 million, respectively. EBITDA should not be considered as an alternative to net income or any other generally accepted accounting principles measure of performance or liquidity. EBITDA, as the Company has calculated it, may not be comparable to similarly titled measures reported by other companies. EBITDA is a key metric used by the Company that provides a measurement of profitability that eliminates the effect of changes resulting from financing decisions, tax regulations, and capital investments.

EBITDA
(Dollars in thousands)

	13 Weeks		Last 12 Months
	Ended May 1,		Ended May 1,
	2004		2004
Net income	$	10,877	$	57,046
Provision for income taxes		7,251		38,029
Interest expense, net		642		1,967
Depreciation and amortization		4,296		18,567
EBITDA	$	23,066	$	115,609