EX-99.1

Exhibit 99.1


		PRESS RELEASE

Dick’s Sporting Goods Reports Second Quarter Results:

	*		EPS Increases 24% over Proforma Last Year to $0.47

	*		Comparable Store Sales Increase 6.5%

PITTSBURGH, Pa., August 15, 2006 — Dick’s Sporting Goods, Inc. (NYSE: DKS) today reported sales and earnings results for the second quarter ended July 29, 2006.

Second Quarter Results

Net income for the second quarter ended July 29, 2006 increased 25% to $25.7 million and earnings per share increased 24% to $0.47, as compared to prior year proforma net income of $20.6 million, or $0.38 per share (which has been adjusted for $0.07 of stock option expense per share as if the Company expensed stock options, and excludes merger integration and store closing costs and gain on sale of investment). Earnings guidance provided on May 16, 2006 was for earnings per share of $0.43 — 0.44.

On a GAAP basis, net income increased to $25.7 million and earnings per share increased to $0.47, as compared to prior year net income of $22.1 million, or $0.41 per share which included $5.3 million pre-tax of merger integration costs and a $1.8 million pre-tax gain on sale of investment.

Net sales for the quarter increased 18% to $734.0 million while comparable store sales increased 6.5%. The former Galyan’s stores are included in the second quarter comparable store sales calculation.

“I am pleased with the strong results for the second quarter and I am excited about our position as we enter the second half of the year. We are clearly gaining market share as legacy stores, former Galyan’s stores and new stores all performed well during the quarter,” said Edward W. Stack, Chairman and CEO.

New Stores

In the second quarter, the Company opened five stores, one each in Atlanta, GA; Melbourne, FL; Winston-Salem, NC; Cedar Rapids, IA and Nashville, TN.

As of July 29, 2006, the Company operated 268 stores, with approximately 15.5 million square feet, in 34 states.

Year-to-Date Results

Net income for the 26 weeks ended July 29, 2006 increased 26% to $37.1 million and earnings per share increased 24% to $0.68, as compared to prior year proforma net income of $29.4 million, or $0.55 per share (which has been adjusted for $0.13 of stock option expense per share as if the Company expensed stock options, and excludes merger integration and store closing costs and gain on sale of investment).

On a GAAP basis, net income increased to $37.1 million and earnings per share increased to $0.68, as compared to prior year net income of $14.8 million, or $0.27 per share which included $37.8 million pre-tax of merger integration costs and a $1.8 million pre-tax gain on sale of investment.

Net sales increased 16% to $1,380 million while comparable store sales increased 6.9%. The former Galyan’s stores are not included in the year-to-date comparable store sales calculation as they were not in the comp store base at the beginning of 2006.

2006 Outlook

The Company’s current outlook for 2006 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.

Full Year 2006 Comparisons to Fiscal 2005

	•		We are increasing earnings guidance for the full year as a result of our second quarter performance. Based on an estimated 55 million shares outstanding, the Company is increasing earnings guidance from the previous guidance of approximately $1.81 — 1.85 to the new guidance of approximately $1.84 — 1.88 per share (which includes $0.27 of stock option expense per share). This represents an approximate 24% increase over fiscal 2005 proforma earnings per share of $1.50 (which has been adjusted for $0.25 of stock option expense per share as if the Company expensed stock options, and excludes merger integration and store closing costs and gain on sale of investment).

	•		Comparable store sales are expected to increase approximately 4% on a 52-week to 52-week comparative basis.

	•		The Company expects to open approximately 40 new stores in 2006. Two stores were relocated in the first quarter of 2006.

Third Quarter 2006

	•		Based on an estimated 55 million shares outstanding, the Company is providing earnings guidance of approximately $0.03 — 0.04 per share (which includes $0.07 of stock option expense per share). This represents an increase over third quarter 2005 proforma earnings per share of $0.02 (which has been adjusted for $0.06 of stock option expense per share as if the Company expensed stock options).

	•		Comparable store sales are expected to increase approximately 3 — 4%.

	•		The Company expects to open approximately 27 new stores in the third quarter.

Conference Call Info

The Company will be hosting a conference call today at 10:00 am Eastern time to discuss the second 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 83639431. The dial-in replay will be available for 30 days following the live call.

Forward-Looking Statements Involving Known and Unknown Risks and Uncertainties

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 28, 2006 as filed with the Securities and Exchange Commission on March 23, 2006. The Company disclaims any obligation and does not intend to update any forward-looking statements except as may be required by the securities laws.

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 July 29, 2006, the Company operated 268 stores in 34 states primarily 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
Dennis Magulick, Director, Investor Relations
724-273-3400
investors@dcsg.com

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


	13 Weeks Ended					26 Weeks Ended
	July 29,		July 30,			July 29,		July 30,
	2006		2005			2006		2005
Net sales	$	734,047	$	621,972		$	1,379,545	$	1,192,815
Cost of goods sold, including occupancy and distribution costs		526,650		447,556			994,482		866,427

GROSS PROFIT		207,397		174,416			385,063		326,388

Selling, general and administrative expenses		159,239		129,449			311,474		255,718
Pre-opening expenses		2,451		1,592			6,604		4,237
Merger integration and store closing costs		—		5,309			—		37,790

INCOME FROM OPERATIONS		45,707		38,066			66,985		28,643

Gain on sale of investment		—		(1,844	)		—		(1,844	)
Interest expense, net		2,906		3,079			5,155		5,875

INCOME BEFORE INCOME TAXES		42,801		36,831			61,830		24,612

Provision for income taxes		17,120		14,733			24,732		9,845

NET INCOME	$	25,681	$	22,098		$	37,098	$	14,767

EARNINGS PER COMMON SHARE:
Basic	$	0.51	$	0.44		$	0.73	$	0.30
Diluted	$	0.47	$	0.41		$	0.68	$	0.27

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic		50,746		49,750			50,583		49,418
Diluted		54,887		54,115			54,742		53,902

DICK’S SPORTING GOODS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)


	July 29,		July 30,		January 28,
	2006		2005		2006
	(unaudited)		(unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	32,926	$	29,921	$	36,564
Accounts receivable, net		53,091		41,154		29,365
Income taxes receivable		—		18,139		—
Inventories, net		636,839		536,820		535,698
Prepaid expenses and other current assets		18,133		12,837		11,961
Deferred income taxes		3,954		5,344		429

Total current assets		744,943		644,215		614,017
Property and equipment, net		392,412		351,936		370,277
Construction in progress — leased facilities		11,254		20,695		7,338
Goodwill		156,628		156,252		156,628
Other assets		47,900		38,736		39,529

TOTAL ASSETS	$	1,353,137	$	1,211,834	$	1,187,789


LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$	296,221	$	272,858	$	253,395
Accrued expenses		166,756		119,217		136,520
Deferred revenue and other liabilities		51,325		39,099		62,792
Income taxes payable		4,940		—		18,381
Current portion of other long-term debt and capital leases		141		560		181

Total current liabilities		519,383		431,734		471,269

LONG-TERM LIABILITIES:
Senior convertible notes		172,500		172,500		172,500
Revolving credit borrowings		41,430		121,206		—
Other long-term debt and capital leases		8,444		8,427		8,520
Non-cash obligations for construction in progress — leased facilities		11,254		20,695		7,338
Deferred revenue and other liabilities		121,695		105,600		113,369

Total long-term liabilities		355,323		428,428		301,727

STOCKHOLDERS’ EQUITY:
Common stock		373		362		365
Class B common stock		136		139		137
Additional paid-in capital		236,620		204,458		209,526
Retained earnings		239,940		144,629		202,842
Accumulated other comprehensive income		1,362		2,084		1,923

Total stockholders’ equity		478,431		351,672		414,793

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	1,353,137	$	1,211,834	$	1,187,789

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


	26 Weeks Ended
	July 29,			July 30,
	2006			2005
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	37,098		$	14,767
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		26,246			24,324
Deferred income taxes		(10,419	)		(2,738	)
Stock-based compensation		12,525			—
Excess tax benefit from stock-based compensation		(4,419	)		—
Tax benefit from exercise of stock options		609			13,452
Gain on sale of investment		—			(1,844	)
Other non-cash items		1,288			1,216
Changes in assets and liabilities:
Accounts receivable		6,844			(13,146	)
Inventories		(101,141	)		(78,994	)
Prepaid expenses and other assets		(9,024	)		(3,237	)
Accounts payable		49,135			47,094
Accrued expenses		15,015			(5,727	)
Income taxes payable		(8,196	)		—
Deferred construction allowances		9,000			1,594
Deferred revenue and other liabilities		(6,485	)		3,379

Net cash provided by operating activities		18,076			140

CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures		(73,370	)		(69,521	)
Proceeds from sale-leaseback transactions		7,901			12,262
Increase in recoverable costs from developed properties		(3,917	)		(2,007	)
Proceeds from sale of investment		—			1,922

Net cash used in investing activities		(69,386	)		(57,344	)

CASH FLOWS FROM FINANCING ACTIVITIES:
Revolving credit borrowings, net		41,430			45,112
Payments on other long-term debt and capital leases		(116	)		(274	)
Proceeds from exercise of stock options		6,150			6,347
Proceeds from sale of common stock under employee stock purchase plan		2,098			2,135
Excess tax benefit from stock-based compensation		4,419			—
(Decrease) increase in bank overdraft		(6,309	)		14,919

Net cash provided by financing activities		47,672			68,239

NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS		(3,638	)		11,035
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD		36,564			18,886

CASH AND CASH EQUIVALENTS, END OF PERIOD	$	32,926		$	29,921

Supplemental disclosure of cash flow information:
Construction in progress — leased facilities	$	3,916		$	5,462
Accrued property and equipment	$	15,223		$	(14,203	)
Cash paid for interest	$	4,551		$	5,369
Cash paid for income taxes	$	42,083		$	3,310

Store Count and Square Footage

The following represents a reconciliation of beginning and ending stores and square footage for the periods indicated:


	Fiscal 2006						Fiscal 2005
	Q1		Q2		Total		Q1			Q2		Total
Beginning stores		255		263		255		234			236		234
New		8		5		13		7			3		10
Closed		—		—		—		(5	)		—		(5	)

Ending stores		263		268		268		236			239		239

Relocated stores		2		—		2		—			1		1

Square Footage:

(in millions)

Fiscal 2006

Fiscal 2005

% Increase

15.2

13.6

12%

15.5

13.8

12%

N/A

14.7

N/A

14.7

N/A

Reconciliation of Non-GAAP Financial Measures

The Company has provided non-GAAP financial information in this earnings release which includes net income and earnings per share adjusted for merger integration and store closing costs, gain on sale of investment and stock option expense had the Company applied SFAS 123, “Accounting for Stock-Based Compensation” in fiscal 2005. The proforma financial information is considered non-GAAP and is not preferable to GAAP financial information; however, the Company believes this information provides additional measures of performance that the Company’s management and investors can use to compare core, operating results between reporting periods. A reconciliation of these non-GAAP measures to the applicable GAAP measures are provided below and on the Company’s website at http://www.dickssportinggoods.com/ (click on the Investor Relations link at the bottom of the home page).

Fiscal 2005 Reconciliations

Proforma Net Income and Proforma Earnings Per Share Reconciliation
(in thousands, except per share data):


	13 Weeks Ended						13 Weeks Ended					26 Weeks Ended
	July 30, 2005						July 29, 2006					July 30, 2005
				Per			Per		%						Per
	Amounts			Share			Share		Increase			Amounts			Share
Net income and earnings per share (GAAP)	$	22,098		$	0.41							$	14,767		$	0.27
Less: Stock option expense, after tax		(3,546	)		(0.07	)							(6,926	)		(0.13	)
Add: Merger integration and store closing costs, after tax		3,185			0.06								22,674			0.42
Less: Gain on sale of investment, after tax		(1,106	)		(0.02	)							(1,106	)		(0.02	)
Add: Adjustment due to rounding		—			—								—			0.01

Proforma net income and earnings per share	$	20,631		$	0.38		$	0.47		24	%	$	29,409		$	0.55


	13 Weeks Ended						52 Weeks Ended
	October 29, 2005						January 28, 2006
				Per						Per
	Amounts			Share			Amounts			Share
Net income and earnings per share (GAAP)	$	4,183		$	0.08		$	72,980		$	1.35
Less: Stock option expense, after tax		(3,277	)		(0.06	)		(13,484	)		(0.25	)
Add: Merger integration and store closing costs, after tax		—			—			22,674			0.42
Less: Gain on sale of investment, after tax		—			—			(1,106	)		(0.02	)

Proforma net income and earnings per share	$	906		$	0.02		$	81,064		$	1.50

EBITDA

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)


	Q2
EBITDA	2006			2005 (GAAP)		2005 (Proforma)^/1
Net income	$	25,681		$	22,098	$	22,098
Provision for income taxes		17,120			14,733		14,733
Interest expense, net		2,906			3,079		3,079
Depreciation and amortization		13,737			11,545		11,545
Less: Depreciation and amortization (merger integration)		—			—		(149	)
Add: Merger integration and store closing costs		—			—		5,309
Less: Gain on sale of investment		—			—		(1,844	)
Less: Stock option expense (fiscal 2005)		—			—		(5,910	)

EBITDA	$	59,444		$	51,455	$	48,861

GAAP EBITDA % increase over GAAP Prior Year		16	%
Proforma EBITDA % increase over Proforma Prior Year		22	%


	YTD
EBITDA	2006			2005 (GAAP)		2005 (Proforma)^/1
Net income	$	37,098		$	14,767	$	14,767
Provision for income taxes		24,732			9,845		9,845
Interest expense, net		5,155			5,875		5,875
Depreciation and amortization		26,246			24,324		24,324
Less: Depreciation and amortization (merger integration)		—			—		(869	)
Add: Merger integration and store closing costs		—			—		37,790
Less: Gain on sale of investment		—			—		(1,844	)
Less: Stock option expense (fiscal 2005)		—			—		(11,543	)

EBITDA	$	93,231		$	54,811	$	78,345

GAAP EBITDA % increase over GAAP Prior Year		70	%
Proforma EBITDA % increase over Proforma Prior Year		19	%

^/1 Reflects the effect of expensing stock options as if we had applied SFAS 123, “Accounting for Stock-Based Compensation”, in fiscal 2005.