Exhibit 99.1

Dick’s Sporting Goods Reports First Quarter Results; Raises Full Year 2012 Guidance and Declares Quarterly Dividend

·                  Consolidated earnings per diluted share increased 50% to $0.45 per diluted share in the first quarter of 2012 as compared to consolidated earnings per diluted share of $0.30 in the first quarter of 2011

·                  Consolidated same store sales increased 8.4% in the first quarter of 2012

·                  Company raises full year estimated earnings range from $2.38 to 2.41 per diluted share to $2.45 to 2.48 per diluted share

·                  Board authorizes quarterly dividend of $0.125 per share

PITTSBURGH, Pa., May 15, 2012 - Dick’s Sporting Goods, Inc. (NYSE: DKS) today reported sales and earnings results for the first quarter ended April 28, 2012.

First Quarter Results

The Company reported consolidated net income for the first quarter ended April 28, 2012 of $57.2 million, or $0.45 per diluted share, exceeding the Company’s earnings expectations provided on March 6, 2012 of $0.36 to 0.38 per diluted share. For the first quarter ended April 30, 2011, the Company reported consolidated net income of $37.5 million, or $0.30 per diluted share.

Net sales for the first quarter of 2012 increased by 15.1% to $1.3 billion as compared to the first quarter of 2011 due primarily to an 8.4% increase in consolidated same store sales and the growth of the Company’s store network. The consolidated same store sales increase consisted of a 7.3% increase at Dick’s Sporting Goods stores, a 12.6% increase at Golf Galaxy and a 33.4% increase in the Company’s eCommerce business.

“We had an exceptionally strong first quarter as we generated record earnings with a 50% increase in earnings per share on 15% sales growth. We also maintained a healthy balance sheet while returning capital to stockholders through our dividend and share repurchase programs,” said Edward W. Stack, Chairman and CEO. “For 2012, we are raising our full year guidance as we continue to invest in new stores and our eCommerce business as well as our margin accelerators including inventory management, private brands, and product mix shift.”

New Stores

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

As of April 28, 2012, the Company operated 486 Dick’s Sporting Goods stores in 44 states, with approximately 26.5 million square feet and 81 Golf Galaxy stores in 30 states, with approximately 1.3 million square feet.

Balance Sheet

The Company ended the first quarter of 2012 with $521 million in cash and cash equivalents and did not have any outstanding borrowings under its $500 million revolving credit facility.  At the end of the first quarter of 2011, the Company had $533 million in cash and cash equivalents and did not have any outstanding borrowings under its credit facility.

Inventory per square foot was 6.6% higher at the end of the first quarter of 2012 as compared to the end of the first quarter of 2011.

Share Repurchase Program

On January 11, 2012, the Company’s Board of Directors authorized a 12-month share repurchase program of up to $200 million of the Company’s common stock. The Company initiated the program to offset the dilutive effect of the issuance of shares expected in connection with the expiration in 2013 of a substantial number of stock options issued following the Company’s 2002 initial public offering, which are anticipated to be exercised in 2012.

In the first quarter, the Company repurchased 2.1 million shares of its common stock at an average cost of $49.39 per share, for a total cost of approximately $104 million.

The Company completed the share repurchase program on May 14, 2012.  In total, the Company repurchased approximately 4.1 million shares of its common stock at an average cost of $49.33 per share, for a total cost of approximately $200 million.  The Company financed the repurchase program from cash on hand.

Dividend

On May 14, 2012, the Company’s Board of Directors authorized and declared a quarterly dividend in the amount of $0.125 per share on the Company’s common stock and Class B common stock. The dividend is payable in cash on June 29, 2012 to stockholders of record at the close of business on June 1, 2012.

Investment in JJB Sports

On April 27, 2012, the Company closed on its previously announced £20 million strategic investment in JJB Sports plc, a leading U.K. sports retailer.  Under the terms of the agreement, the Company purchased £18.75 million in junior secured convertible notes and £1.25 million in ordinary shares of JJB Sports, for a total investment of approximately $32.0 million.

Current 2012 Outlook

The Company’s current outlook for 2012 is based on current expectations and includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as described later in this release.  Although the Company believes that the expectations and other comments reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations or comments will prove to be correct.

v            Full Year 2012 - (53-Week Year) Comparisons to Fiscal 2011 - (52-Week Year)

·                  Based on an estimated 126 million diluted shares outstanding, the Company currently anticipates reporting consolidated earnings per diluted share of approximately $2.45 to 2.48, which includes approximately $0.03 per diluted share for the 53rd week. For the 52 weeks ended January 28, 2012, the Company reported consolidated non-GAAP earnings per diluted share of $2.02, excluding a gain on sale of investment and the favorable impact of lower litigation settlement costs. On a GAAP basis, the Company reported consolidated earnings per diluted share of $2.10 in 2011.

·                  Consolidated same store sales are currently expected to increase approximately 3 to 4% on a 52-week to 52-week comparative basis, compared to a 2.0% increase in fiscal 2011.

·                  The Company currently expects to open approximately 40 new Dick’s Sporting Goods stores and relocate five Dick’s Sporting Goods stores in 2012. The Company also expects to reposition two Golf Galaxy stores.

v            Second Quarter 2012

·                  Based on an estimated 126 million diluted shares outstanding, the Company currently anticipates reporting consolidated earnings per diluted share of approximately $0.62 to 0.63 in the second quarter of 2012.  In the second quarter of 2011, the Company reported consolidated non-GAAP earnings per diluted share of $0.52, excluding a $0.07 per diluted share impact from a gain on sale of investment.

·                  Consolidated same store sales are currently expected to increase approximately 2 to 3% in the second quarter of 2012 compared to a 2.5% increase in the second quarter of 2011.

·                  The Company currently expects to open four Dick’s Sporting Goods stores in the second quarter of 2012.

v            Capital Expenditures

·                  In 2012, the Company currently anticipates capital expenditures to be approximately $241 million on a gross basis and approximately $190 million on a net basis.

Purchase of the Store Support Center

On May 7, 2012 the Company purchased its Store Support Center for approximately $133 million, including settlement costs.  This is a second-quarter event.

Conference Call Info

The Company will be hosting a conference call today at 10:00 a.m. 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 website located at http://www.dickssportinggoods.com/investors. To listen to the live call, please go to the website at least fifteen minutes early to register and download and install any necessary audio software.

In addition to the webcast, the call can be accessed by dialing (866) 652-5200 (domestic callers) or (412) 317-6060 (international callers) and requesting the “Dick’s Sporting Goods Earnings Call.”

For those who cannot listen to the live webcast, it will be archived on the Company’s website for 30 days.  In addition, a dial-in replay of the call will be available. To listen to the replay, investors should dial (877) 344-7529 (domestic callers) or (412) 317-0088 (international callers) and enter confirmation code 10013422. 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 or otherwise made by our management in connection with the subject matter of this release are forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) and involve risks and uncertainties and are subject to change based on various important factors, many of which may be beyond our control. Our future performance and financial results may differ materially from those included in any such forward-looking statements and such forward-looking statements should not be relied upon by investors as a prediction of actual results. You can identify these statements as those that may predict, forecast, indicate or imply future results, performance or advancements and by forward-looking words such as “believe”, “anticipate”, “expect”, “estimate”, “predict”, “intend”, “plan”, “project”, “goal”, “will”, “will be”, “will continue”, “will result”, “could”, “may”, “might” or other words with similar meanings. Forward-looking statements address, among

other things, our expectations, our growth strategies, including our plans to open new stores, our efforts to increase profit margins and return on invested capital, plans to grow our private brand business, projections of our future profitability, issuance of dividends, results of operations, capital expenditures, our financial condition or other “forward-looking” information and include statements about revenues, earnings, spending, margins, costs, liquidity, store openings and operations, inventory, private brand products or our actions, plans or strategies.

The following factors, among others, in some cases have affected and in the future could affect our financial performance and actual results, and could cause actual results for fiscal 2012 and beyond to differ materially from those expressed or implied in any forward-looking statements included in this release or otherwise made by our management: continuation of the ongoing economic and financial downturn that may cause a continued decline in consumer spending and other changes in macroeconomic factors or market conditions that impact consumer spending or shopping patterns, particularly for the types of merchandise that we sell; changes in the general economic and business conditions and in the specialty retail or sporting goods industry in particular; fluctuations in our quarterly operating results or same store sales; volatility in our stock price; our ability to access adequate capital; competition in the sporting goods industry; limitations on the availability of attractive store locations; inability to manage our growth, open new stores on a timely basis or expand successfully in new and existing markets; changes in consumer demand; unauthorized disclosure of sensitive, personal or confidential information; disruptions in our or our vendors’ supply chains; our relationships with our vendors; factors affecting our vendors, including potential increases in the costs of products, their ability to maintain their inventory and production levels and their ability or willingness to provide us with sufficient quantities of products at acceptable prices; factors that could negatively affect our private brand offerings; risks and costs relating to the products we well, including product liability claims, and the availability of recourse to third parties, including our insurance policies, product recalls and the regulation of and other hazards associated with certain products we sell, such as hunting rifles and ammunition; the loss of our key executives, especially Edward W. Stack, our Chairman and Chief Executive Officer; costs and risks associated with increased or changing laws and regulations affecting our business; our ability to secure and protect our trademarks, patents and other intellectual property; risks relating to operating as a multi-channel retailer, including the impact of rapid technological change, internet security and privacy issues and the threat of systems failure or inadequacy; problems with our current management information systems or software; disruption at our distribution facilities; the seasonality of our business; regional risks because our stores are generally concentrated in the eastern half of the United States; costs and risks related to litigation or other claims against us; costs and uncertainties associated with pursuing strategic investments or acquisitions; our ability to meet our labor needs; currency exchange rate fluctuations; risks associated with our Chief Executive Officer and his relatives’ controlling interest in the Company; the impact of foreign instability and conflict; our anti-takeover provisions, which could prevent or delay a change in control of the Company; impairment in the carrying value of goodwill or other acquired intangibles; our current intention to issue quarterly cash dividends; and our repurchase activity, if any, pursuant to our share repurchase program.

Known and unknown risks and uncertainties are more fully described in the Company’s Annual Report on Form 10-K for the year ended January 28, 2012 as filed with the Securities and Exchange Commission (“SEC”) on March 16, 2012 and in other reports filed with the SEC.  In addition, we operate in a highly competitive and rapidly changing environment; therefore, new risk factors can arise, and it is not possible for management to predict all such risk factors, nor to assess the impact of all such risk factors on our business or the extent to which any individual risk factor, or combination of risk factors, may cause results to differ materially from those contained in any forward-looking statement. We do not assume any obligation and do not intend to update any forward-looking statements except as may be required by the securities laws.

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. The Company also owns and operates Golf Galaxy, LLC, a golf specialty retailer. As of April 28, 2012, the Company operated 486 Dick’s Sporting Goods stores in 44 states, 81 Golf Galaxy stores in 30 states and eCommerce websites and catalog operations for Dick’s Sporting Goods and Golf Galaxy. Dick’s Sporting Goods, Inc. news releases are available at http://www.dickssportinggoods.com/investors.  The Company’s website is not part of this release.

Contact:

Timothy E. Kullman, EVP – Finance, Administration, and Chief Financial Officer or

Anne-Marie Megela, 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)

DICK’S SPORTING GOODS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS - UNAUDITED

(Dollars in thousands)

DICK’S SPORTING GOODS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED

(Dollars in thousands)

Store Count and Square Footage

The stores that opened during the first quarter of 2012 are as follows:

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

Square Footage:

(in millions)

Non-GAAP Financial Measures

In addition to reporting the Company’s financial results in accordance with generally accepted accounting principles (“GAAP”), the Company provides information regarding earnings before interest, taxes and depreciation (“EBITDA”); a reconciliation from the Company’s gross capital expenditures, net of tenant allowances; and calculations of consolidated and Dick’s Sporting Goods new store productivity.  These measures are considered non-GAAP and are not preferable to GAAP financial information; however, the Company believes this information provides additional measures of performance that the Company’s management, analysts 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/investors.

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.

Reconciliation of Gross Capital Expenditures to Net Capital Expenditures

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

New Store Productivity Calculation

The following calculations represent: (1) the new store productivity calculation on a consolidated basis; and (2) the new store productivity calculation for Dick’s Sporting Goods only, in each case for the periods shown.  Golf Galaxy stores and the Company’s eCommerce business are excluded from the Dick’s Sporting Goods only calculation.  New store productivity compares the sales increase for all stores not included in the same store sales calculation with the increase in store square footage.

(1) - Amounts do not recalculate due to rounding.