Dick’s Sporting Goods Hits Top-End of Q1 Guidance with Positive Comps

Dick's Sporting Goods, Inc. first quarter Net income increased 90% to $21.7 million and earnings per diluted share increased 81% to 38 cents, compared to prior year net income of $11.4 million, or 21 cents per share.

The results include the operating results of the recently purchased Golf Galaxy for the first quarter of 2007, but not for 2006 as Golf Galaxy was acquired on February 13, 2007.

The operating results of Golf Galaxy have been included in the results beginning with the February 13, 2007 date of acquisition. Earnings guidance provided on March 13, 2007 was for earnings per share of 35 cents – 38 cents.

Net sales for the quarter increased 28% to $823.6 million due to a comparable store sales increase of 2.0% (or 0.1% adjusting for the shifted retail calendar, compared to a 6.5% increase in Q1 last year), the opening of new stores, and the inclusion of Golf Galaxy in this years' quarterly results (which will be included in Dick's comparable store sales calculation beginning in Q2 2008). Comparable store sales for Golf Galaxy on a pro-forma basis increased 5.5%, or were flat after adjusting for the shifted retail calendar.

“We were very pleased with our sales results considering the later than expected start to the spring sports seasons. There are several reasons that a number of locales postponed the start of these seasons, including timing of spring break due to the Easter shift and unplayable field conditions in the Northeast and Midwest. Even in these challenging conditions, we were able to provide earnings at the high end of our range,” said Edward W. Stack, Chairman and CEO.

In the first quarter, the Company opened 15 Dick's Sporting Goods stores and ten Golf Galaxy stores. The stores that opened in the first quarter are listed in a table later in the release under the heading “Store Count and Square Footage”.

Guidance

    -- Full Year 2007 - (52-Week Year) Comparisons to Fiscal 2006 - (53-Week
       Year)
       -- Based on an estimated 58 million shares outstanding, we reaffirm our
          previous guidance for consolidated earnings per diluted share of
          approximately $2.37 - 2.40.  This represents an approximate 18%
          increase over earnings per diluted share for the full year 2006 of
          $2.03 and includes the expected results of Golf Galaxy.
       -- Comparable store sales for Dick's stores are expected to increase
          approximately 1 - 2% compared to a 6.0% increase last year.
       -- The Company expects to open 45 new Dick's stores, 17 new Golf Galaxy
          stores and relocate one Dick's store in 2007.

    -- Second Quarter 2007
       -- Based on an estimated 58 million diluted shares outstanding, the
          Company anticipates consolidated earnings per diluted share of
          approximately $0.74 - 0.77. This represents an approximate 61%
          increase over earnings per diluted share for the second quarter 2006
          of $0.47 and includes the expected results from Golf Galaxy.
       -- Comparable store sales for Dick's stores are expected to increase
          approximately 3 - 5%, or approximately 2 - 4%, adjusting for the
          shifted retail calendar which compares to a 6.5% increase in Q2 last
          year. Golf Galaxy will be included in the quarterly comparable store
          base beginning in Q2 2008, which will be the first full quarter
          following the anniversary of the date of acquisition.
       -- The Company expects to open six new Dick's stores, two new Golf
          Galaxy stores and relocate one Dick's store.

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

                                                    13 Weeks Ended
                                         ------------------------------------
                                           May 5,    % of    April 29    % of
                                           2007     Sales(1)  2006      Sales
                                         --------   -------  -------   ------

    Net sales                            $823,553   100.00% $645,498   100.00%
    Cost of goods sold, including
     occupancy and distribution costs     579,134    70.32   467,833    72.48
                                         --------   -------  -------   ------
      GROSS PROFIT                        244,419    29.68   177,665    27.52

    Selling, general and
     administrative expenses              198,007    24.04   152,235    23.58
    Pre-opening expenses                    7,121     0.86     4,151     0.64
                                         --------   -------  -------   ------
      INCOME FROM OPERATIONS               39,291     4.77    21,279     3.30

    Interest expense, net                   3,207     0.39     2,249     0.35
                                         --------   -------  -------   ------
      INCOME BEFORE INCOME TAXES           36,084     4.38    19,030     2.95

    Provision for income taxes             14,383     1.75     7,612     1.18
                                         --------   -------  -------   ------
      NET INCOME                          $21,701     2.64%  $11,418     1.77%
                                         ========   =======  =======   ======
    EARNINGS PER COMMON SHARE:
      Basic                                 $0.41              $0.23
      Diluted                               $0.38              $0.21

    WEIGHTED AVERAGE COMMON SHARES
     OUTSTANDING:
      Basic                                53,549             50,419
      Diluted                              57,221             54,596