DICK'S Sporting Goods (DKS) 8-K Results of Operations and Financial Condition

Exhibit 99.1

PRESS RELEASE

Dick’s Sporting Goods Reports Third Quarter Results:

v	EPS Increases 43% over Last Year to $0.10, Exceeds Guidance
v	Increases Full Year Guidance

PITTSBURGH, Pa., November 20, 2007 — Dick’s Sporting Goods, Inc. (NYSE: DKS) today reported sales and earnings results for the third quarter ended November 3, 2007. The results include the operating results of Golf Galaxy for 2007 from the acquisition date, but not for 2006 as Golf Galaxy was acquired on February 13, 2007.

Third Quarter Results

Net income increased 57% to $12.2 million and earnings per diluted share increased 43% to $0.10, compared to prior year net income of $7.8 million, or $0.07 per diluted share. Earnings guidance provided on August 21, 2007 was for earnings per diluted share of $0.05 — 0.06. The operating results of Golf Galaxy are included in the current period results.

Net sales for the quarter increased 18% to $838.8 million due to the opening of new stores and the inclusion of Golf Galaxy in this years’ quarterly results (which will be included in Dick’s Sporting Goods comparable store sales calculation beginning in Q2 2008), partially offset by a comparable store sales decrease of 2.5% (or a decrease of 1.0% adjusting for the shifted retail calendar). Comparable store sales at Dick’s stores were in-line with our guidance and compared to an 8.9% increase in Q3 last year. Comparable store sales for Golf Galaxy on a proforma basis decreased 2.7%, or increased 4.7% after adjusting for the shifted retail calendar.

“Our performance this quarter demonstrates once again how our emphasis on execution, combined with the strength of our business model delivers consistent financial performance. Improved margins, greater efficiencies, the strength of our golf business and strong cash flow continue to drive our earnings increases. As we head into our seasonally largest quarter, our inventory is on plan and our stores are well positioned to deliver solid results,” said Edward W. Stack, Chairman and CEO.

New Stores

In the third quarter, the Company opened 25 Dick’s Sporting Goods stores. The stores that opened in the third quarter are listed in a table later in the release under the heading “Store Count and Square Footage”.

Year-to-Date Results

Net income for the 39 weeks ended November 3, 2007 increased 82% to $81.9 million and earnings per diluted share increased 73% to $0.71, as compared to prior year net income of $44.9 million, or $0.41 per diluted share. The operating results of Golf Galaxy have been included in the results beginning with the February 13, 2007 date of acquisition.

Net sales increased 28% to $2,675.8 million due to a comparable store sales increase of 2.3% (or 1.7% adjusting for the shifted retail calendar, compared to a 7.7% increase year-to-date last year), the opening of new stores, and the inclusion of Golf Galaxy in this year’s results. Comparable store sales for Golf Galaxy on a proforma basis increased 2.2%, or 2.8% after adjusting for the shifted retail calendar.

Current 2007 Outlook

The Company’s current outlook for 2007 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.

          vFull Year 2007 — (52-Week Year) Comparisons to Fiscal 2006 — (53-Week Year)

• We are currently increasing earnings guidance for the full year. Based on an estimated 117 million diluted shares outstanding, the Company is increasing its consolidated earnings per diluted share guidance from the previous estimate of approximately $1.24 — 1.25 to the new estimate of approximately $1.29. This new guidance represents an approximate 26% increase over earnings per diluted share for the full year 2006 of $1.02 and includes the expected results of Golf Galaxy, which we continue to expect to be accretive for the year.

• Comparable store sales for Dick’s Sporting Goods stores are expected to increase approximately 2.0% compared to a 6.0% increase last year.

• The Company has opened 46 new Dick’s Sporting Goods stores and relocated one Dick’s Sporting Goods store, completing the new store program for Dick’s stores in 2007. The Company expects to open 16 new Golf Galaxy stores in 2007.

          vFourth Quarter 2007 — (13 weeks compared to 14 weeks last year)

• Based on an estimated 119 million diluted shares outstanding, the Company anticipates consolidated earnings per diluted share of approximately $0.59, as compared to $0.60 in 2006. The year-over-year comparison is impacted by several factors, including the shift in the 2007 retail calendar, which positively impacted Q1 and Q2 this year and is offset in Q3 and Q4. Additionally, the year-over-year comparison is impacted by the 53rd week in fiscal 2006, which provided an extra week of operations and included the favorable impact of sales of licensed merchandise relating to the Super Bowl, which combined contributed approximately $0.05 to our 2006 earnings. Further, the inclusion of Golf Galaxy is approximately $0.04 per share dilutive in the fourth quarter of 2007.

• Comparable store sales for Dick’s stores are expected to increase approximately 2.0%, or approximately 2.5%, adjusting for the shifted retail calendar which compares to a 2.0% increase in Q4 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 four new Golf Galaxy stores.

Conference Call Info

The Company will be hosting a conference call today at 10:00 am eastern time to discuss the third quarter results. Investors will have the opportunity to listen to the earnings conference call over the internet through the Company’s web site located athttp://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 14987387. 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 Amendment No. 1 to Form 10-K/A for the year ended February 3, 2007 as filed with the Securities and Exchange Commission on June 5, 2007. The Company disclaims any obligation and does not intend to update any forward-looking statements except as may be required by the securities laws.

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 October 19, 2007 to our stockholders of record on September 28, 2007.

About Dick’s Sporting Goods, Inc.

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 November 3, 2007, the Company operated 340 stores in 36 states primarily throughout the eastern half of the U.S. The Company also owns Golf Galaxy, a multi-channel golf specialty retailer, with 77 stores in 29 states, ecommerce websites and catalog operations.

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

Contact:

Timothy E. Kullman, SVP — Chief Financial Officer or
Dennis Magulick, Director, Investor Relations
724-273-3400
investors@dcsg.com

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

	13 Weeks Ended
	November 3,					October 28,
	2007		% of Sales			2006		% of Sales
Net sales	$	838,831		100.00	%	$	708,343		100.00	%
Cost of goods sold, including occupancy and distribution costs		600,168		71.55			517,008		72.99
GROSS PROFIT		238,663		28.45			191,335		27.01
Selling, general and administrative expenses		209,303		24.95			167,393		23.63
Pre-opening expenses		7,678		0.92			8,333		1.18
INCOME FROM OPERATIONS		21,682		2.58			15,609		2.20
Interest expense, net		1,725		0.21			2,617		0.37
INCOME BEFORE INCOME TAXES		19,957		2.38			12,992		1.83
Provision for income taxes		7,724		0.92			5,197		0.73
NET INCOME	$	12,233		1.46	%	$	7,795		1.10	%
EARNINGS PER COMMON SHARE:
Basic	$	0.11				$	0.08
Diluted	$	0.10				$	0.07
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic		110,804					102,544
Diluted		118,305					110,874

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

	39 Weeks Ended
	November 3,					October 28,
	2007		% of Sales			2006		% of Sales
Net sales	$	2,675,806		100.00	%	$	2,087,888		100.00	%
Cost of goods sold, including occupancy and distribution costs		1,894,063		70.78			1,511,490		72.39
GROSS PROFIT		781,743		29.22			576,398		27.61
Selling, general and administrative expenses		620,059		23.17			478,868		22.94
Pre-opening expenses		17,518		0.65			14,936		0.72
INCOME FROM OPERATIONS		144,166		5.39			82,594		3.96
Interest expense, net		8,560		0.32			7,772		0.37
INCOME BEFORE INCOME TAXES		135,606		5.07			74,822		3.58
Provision for income taxes		53,741		2.01			29,929		1.43
NET INCOME	$	81,865		3.06	%	$	44,893		2.15	%
EARNINGS PER COMMON SHARE:
Basic	$	0.75				$	0.44
Diluted	$	0.71				$	0.41
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic		108,827					101,624
Diluted		116,092					109,946

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

	November 3,		October 28,		February 3,
	2007		2006		2007
	(unaudited)		(unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	39,657	$	35,137	$	135,942
Accounts receivable, net		68,841		62,922		39,687
Income taxes receivable		294		16,100		15,671
Inventories, net		1,024,817		787,103		641,464
Prepaid expenses and other current assets		42,711		19,241		37,015
Deferred income taxes		3,888		—		—
Total current assets		1,180,208		920,503		869,779
Property and equipment, net		504,114		425,970		433,071
Construction in progress — leased facilities		13,179		22,229		13,087
Intangible assets		75,648		2,525		4,070
Goodwill		266,912		156,628		156,628
Other assets		30,544		49,930		47,630
TOTAL ASSETS	$	2,070,605	$	1,577,785	$	1,524,265
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$	466,679	$	384,727	$	286,668
Accrued expenses		216,537		190,370		190,365
Deferred revenue and other liabilities		71,296		50,461		87,798
Current portion of other long-term debt and capital leases		152		141		152
Total current liabilities		754,664		625,699		564,983
LONG-TERM LIABILITIES:
Senior convertible notes		172,500		172,500		172,500
Revolving credit borrowings		140,313		101,823		—
Other long-term debt and capital leases		8,278		8,412		8,365
Non-cash obligations for construction in progress — leased facilities		13,179		22,229		13,087
Deferred revenue and other liabilities		175,644		140,793		144,780
Total long-term liabilities		509,914		445,757		338,732
COMMITMENTS AND CONTINGENCIES STOCKHOLDERS’ EQUITY:
Common stock		424		380		397
Class B common stock		132		135		134
Additional paid-in capital		406,288		256,091		302,766
Retained earnings		395,803		247,735		315,453
Accumulated other comprehensive income		3,380		1,988		1,800
Total stockholders’ equity		806,027		506,329		620,550
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	2,070,605	$	1,577,785	$	1,524,265

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

	39 Weeks Ended
	November 3,			October 28,
	2007			2006
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	81,865		$	44,893
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization		55,567			39,378
Deferred income taxes		(12,920	)		(11,109	)
Stock-based compensation		22,490			18,719
Excess tax benefit from stock-based compensation		(34,606	)		(11,776	)
Tax benefit from exercise of stock options		4,902			996
Other non-cash items		2,084			1,951
Changes in assets and liabilities:
Accounts receivable		(24,857	)		(26,944	)
Inventories		(312,379	)		(251,405	)
Prepaid expenses and other assets		2,875			(9,546	)
Accounts payable		150,745			128,303
Accrued expenses		17,068			32,353
Income taxes payable / receivable		45,220			(5,663	)
Deferred construction allowances		28,388			11,694
Deferred revenue and other liabilities		(8,813	)		(3,646	)
Net cash provided by (used in) operating activities		17,629			(41,802	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures		(119,959	)		(109,191	)
Proceeds from sale-leaseback transactions		17,568			7,658
Payment for purchase of Golf Galaxy, net of $4,859 cash acquired		(222,095	)		—
Net cash used in investing activities		(324,486	)		(101,533	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Revolving credit borrowings, net		140,313			101,823
Payments on other long-term debt and capital leases		(140	)		(148	)
Construction allowance receipts		8,324			12,292
Proceeds from sale of common stock under employee stock purchase plan		2,466			2,098
Proceeds from exercise of stock options		29,568			11,038
Excess tax benefit from stock-based compensation		34,606			11,776
(Decrease) increase in bank overdraft		(4,739	)		3,029
Net cash provided by financing activities		210,398			141,908
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS		174			—
NET DECREASE IN CASH AND CASH EQUIVALENTS		(96,285	)		(1,427	)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD		135,942			36,564
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	39,657		$	35,137
Supplemental disclosure of cash flow information:
Construction in progress — leased facilities	$	92		$	14,891
Accrued property and equipment	$	(4,835	)	$	21,497
Cash paid for interest	$	9,239		$	6,905
Cash paid for income taxes	$	10,346		$	60,940
Stock options issued for acquisition	$	9,117		$	—

Store Count and Square Footage

The stores that opened during the third quarter of 2007 are as follows:

Store	Market	Store	Market
Cumming, GA	Atlanta	Opelika, AL	Auburn
Augusta, GA	Augusta	Oxford, AL	Birmingham
Carbondale, IL	Carbondale	Hilliard, OH	Columbus
Rockwall, TX	Dallas	Hurst, TX	Dallas
Galleria, TX	Dallas	Southwest Plaza, CO	Denver
Chesterfield, MI	Detroit	Hanover, PA	Harrisburg
E. York, PA	Harrisburg	Jackson, TN	Jackson
Wolfchase, TN	Memphis	Papillion, NE	Omaha
Deer Valley, AZ	Phoenix	Beaver, PA	Pittsburgh
Rochester, MN	Rochester	Sandusky, OH	Sandusky
Shreveport, LA	Shreveport	Auburn, NY	Syracuse
Wesley Chapel, FL	Tampa	Johnson City, TN	Tri Cities
Kingsport, TN	Tri Cities

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

	Q3 YTD
					Fiscal		Fiscal
					2007		2006
	Dick's						Dick's
	Sporting Goods		Golf Galaxy		Total		Sporting Goods
Beginning stores		294		65		359		255
Q1 New		15		10		25		8
Q2 New		6		2		8		5
Q3 New		25		—		25		26
Ending stores		340		77		417		294
Relocated stores		1		—		1		2

Square Footage:
(in millions)

	Dick's
	Sporting Goods		Golf Galaxy		Total
Q1 2006		15.2		0.9		16.1
Q2 2006		15.5		0.9		16.4
Q3 2006		16.7		0.9		17.6
Q4 2006		16.7		0.9		17.6
Q1 2007		17.4		1.1		18.5
Q2 2007		17.8		1.1		18.9
Q3 2007		19.0		1.2		20.2

Summary Proforma Financial Information

The following unaudited proforma summary presents information as if Golf Galaxy had been acquired at the beginning of the periods presented.

Proforma Results for 13 and 39 Weeks Ended October 28, 2006 — Unaudited⁽¹⁾
(In thousands, except per share amounts)

	Dick's
13 Weeks Ended	Sporting Goods		Golf Galaxy			Consolidated
Net Sales	$	708,343	$	59,530		$	767,873
Net Income (loss)		7,795		(508	)		7,287
Basic earnings per share	$	0.08				$	0.07
Diluted earnings per share	$	0.07				$	0.07
Weighted Average Common Shares Outstanding
Basic		102,544		—			102,544
Diluted		110,874		—			110,874

	Dick's
39 Weeks Ended	Sporting Goods		Golf Galaxy		Consolidated
Net Sales	$	2,087,888	$	223,829	$	2,311,717
Net Income		44,893		3,948		48,841
Basic earnings per share	$	0.44			$	0.48
Diluted earnings per share	$	0.41			$	0.44
Weighted Average Common Shares Outstanding
Basic		101,624		—		101,624
Diluted		109,946		—		109,946

(1) The unaudited proforma results present information as if Golf Galaxy had been acquired at the beginning of the periods. The proforma amounts include certain reclassifications to Golf Galaxy amounts to conform them to the Company’s reporting calendar, an increase in pre-tax interest expense for the 13 and 39 weeks ended of $2,952 and $8,572 respectively, to reflect the increase in borrowings under the amended credit facility to finance the acquisition as if it had occurred at the beginning of the periods and use of the statutory tax rate of the Company in effect during the periods presented to determine net income. The proforma amounts do not reflect any benefits from economies which might be achieved from combining the operations. The proforma information does not necessarily reflect the actual results that would have occurred had the companies been combined during the periods presented, nor is it necessarily indicative of the future results of operations of the combined companies.

Non-GAAP Financial Measures

The Company has provided non-GAAP financial information in this earnings release which includes comparable store sales as if Golf Galaxy had been acquired at the beginning of the periods presented. 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. These non-GAAP measures are provided below and on the Company’s website at http://www.dickssportinggoods.com/ (click on the Investor Relations link at the top of the home page). The Company’s website is not part of this press release.

Proforma Comparable Store Sales

	Dick's
	Sporting Goods			Golf Galaxy			Consolidated
13 weeks ended October 28, 2006		8.9	%		3.7	%		8.6	%
13 weeks ended November 3, 2007		-2.5	%		-2.7	%		-2.5	%
39 weeks ended October 28, 2006		7.7	%		0.8	%		7.1	%
39 weeks ended November 3, 2007		2.3	%		2.2	%		2.3	%

The proforma comparable store sales present information as if Golf Galaxy had been acquired at the beginning of the periods presented. The sales have been adjusted to conform to the Company’s reporting calendar and method of reporting comparable sales. 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.

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.

	13 Weeks Ended
	November 3,			October 28,
EBITDA	2007			2006
	(dollars in thousands)
Net income	$	12,233		$	7,795
Provision for income taxes		7,724			5,197
Interest expense, net		1,725			2,617
Depreciation and amortization		17,531			13,132
EBITDA	$	39,213		$	28,741
% increase in EBITDA		36	%

	39 Weeks Ended
	November 3,			October 28,
EBITDA	2007			2006
	(dollars in thousands)
Net income	$	81,865		$	44,893
Provision for income taxes		53,741			29,929
Interest expense, net		8,560			7,772
Depreciation and amortization		55,567			39,378
EBITDA	$	199,733		$	121,972
% increase in EBITDA		64	%

Reconciliation of Gross Capital Expenditures to Capital Expenditures

The following table represents a reconciliation of the Company’s gross capital expenditures to its capital expenditures, net of tenant allowances.

	39 Weeks Ended
	November 3,			October 28,
	2007			2006
	(dollars in thousands)
Gross capital expenditures	$	(119,959	)	$	(109,191	)
Proceeds from sale-leaseback transactions		17,568			7,658
Changes in deferred construction allowances		28,388			11,694
Construction allowance receipts		8,324			12,292
Net capital expenditures	$	(65,679	)	$	(77,547	)