Sports Authority Announces 2005 Fourth Quarter and Full Year Results

The Sports Authority, Inc. (NYSE:TSA), today announced
results for its 2005 fourth quarter and fiscal year ended January 28,
2006.

   --  Fourth quarter diluted EPS of $1.10 vs. previous guidance of
        $1.07 and $0.96 for the prior year

   --  Comparable store sales increase of 2.4% for the fourth quarter
        and 1.5% for the full year

   --  Merchandise inventories reduced $58.7 million (-9.9% on a per
        square foot basis) vs. the prior year end

   --  Long-term debt reduced $69.2 million vs. the prior year end

   Net income for the fourth quarter ended January 28, 2006 was $29.8
million, or $1.10 per diluted share, compared with $25.3 million, or
$0.96 per diluted share in the prior year's fourth quarter.
   Total sales for the fourth quarter were $741.1 million compared
with $713.8 million in the prior year's fourth quarter, an increase of
$27.3 million, or 3.8%. Fourth quarter comparable store sales
increased 2.4%.
   Net income for the 52 weeks ended January 28, 2006 was $55.4
million, or $2.06 per diluted share, compared with net income of $33.5
million, or $1.27 per diluted share, including merger integration
costs, in the prior year. Excluding the effect of after-tax merger
integration costs of $13.2 million, or $0.50 per diluted share, net
income for the prior year was $46.7 million, or $1.77 per diluted
share.
   Total sales for the fiscal year ended January 28, 2006 were $2.509
billion compared with $2.436 billion in the prior fiscal year, an
increase of $73.5 million, or 3.0%. Comparable store sales for the
fiscal year ended January 28, 2006 increased 1.5%.
   The Company opened two new stores, relocated one store and closed
one store during the fourth quarter to arrive at a total number of
stores in operation as of January 28, 2006 of 398 stores in 45 states.
   Doug Morton, Chief Executive Officer commented, "We exceeded our
comparable sales expectations for the fourth quarter due to strong
sales performances in active and outdoor apparel, fitness and team
sports. The favorable sales combined with improved gross margins and
continued expense controls resulted in earnings exceeding our previous
guidance. Additionally, year end debt and inventory levels were
significantly reduced versus the prior year end. Finally, I would like
to thank all of our associates for their hard work and dedication in
helping to deliver a successful quarter and fiscal year."
   On January 23, 2006 The Sports Authority, Inc. announced that it
had entered into a definitive agreement to be acquired by an investor
group led by Leonard Green & Partners, L.P. and including members of
Sports Authority's senior management team, for $37.25 per share in
cash.

   Guidance for Fiscal Year 2006

   Excluding the impact of the proposed acquisition by an investor
group led by Leonard Green & Partners, L.P., for fiscal year 2006, the
Company is forecasting comparable store sales to increase
approximately 2% and diluted EPS between $2.35 and $2.40 based on an
estimated 27.5 million diluted shares outstanding. This forecast
includes the impact of a fifty-third week to be included in the
Company's fourth fiscal quarter and the impact of expensing stock
options in accordance with Financial Accounting Standards Board No.
123R. The Company expects to open twelve new stores and close three
stores during the year.

   Non-GAAP Financial Measures

   To supplement our condensed consolidated statements of operations
presented on a basis in accordance with accounting principles
generally accepted in the United States of America ("GAAP"), we have
disclosed additional non-GAAP measures of net income and earnings per
share adjusted to exclude merger costs we believe appropriate to
enhance an overall understanding of our financial performance (see
income statement table following). These adjustments to our GAAP
results are made with the intent of providing a more complete
understanding of the underlying operational results. These non-GAAP
measures have been reconciled to the most comparable GAAP measure as
required under SEC rules regarding the use of non-GAAP financial
measures. The presentation of this additional information is not meant
to be considered in isolation or as a substitute for net income or
diluted earnings per share prepared in accordance with GAAP.
   The Sports Authority, headquartered in Englewood, CO, is one of
the nation's largest full-line sporting goods retailers offering a
comprehensive high-quality assortment of brand name sporting apparel
and equipment at competitive prices. As of January 28, 2006, The
Sports Authority operated 398 stores in 45 states under The Sports
Authority(R), Gart Sports(R), Sportmart(R) and Oshman's(R) names. The
Company's e-tailing website, located at thesportsauthority.com is
operated by GSI Commerce, Inc. under license and e-commerce
agreements. In addition, a joint venture with AEON Co., Ltd. operates
"The Sports Authority" stores in Japan under a licensing agreement.

   DISCLAIMER

   In connection with the proposed transaction, a definitive proxy
statement of Sports Authority and other materials will be filed with
the Securities and Exchange Commission (SEC). WE URGE INVESTORS TO
READ THE PROXY STATEMENT AND THESE OTHER MATERIALS CAREFULLY WHEN THEY
BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT
SPORTS AUTHORITY AND THE PROPOSED TRANSACTION. Investors will be able
to obtain free copies of the definitive proxy statement (when
available) as well as other filed documents containing information
about Sports Authority at http://www.sec.gov, the SEC's free internet
site. Free copies of Sports Authority's SEC filings are also available
on Sports Authority's internet site at http://www.sportsauthority.com.

   Participants in the Solicitation

   Sports Authority and its executive officers and directors may be
deemed, under SEC rules, to be participants in the solicitation of
proxies from Sports Authority's stockholders with respect to the
proposed transaction. Information regarding the officers and directors
of Sports Authority is included in its definitive proxy statement for
its 2005 annual meeting filed with the SEC on April 27, 2005. More
detailed information regarding the identity of potential participants,
and their direct or indirect interests, by securities, holdings or
otherwise, will be set forth in the definitive proxy statement and
other materials to be filed with the SEC in connection with the
proposed transaction.
   This announcement contains, in addition to historical information,
certain forward-looking statements that involve risks and
uncertainties. Actual results could differ materially from those
currently anticipated as a result of a number of factors, including
risks and uncertainties discussed in The Sports Authority's filings
with the Securities and Exchange Commission and the prospects of the
Company's completion of the proposed acquisition by an affiliate of
Leonard Green & Partners. The risks in The Sports Authority's filings
with the Securities and Exchange Commission include, among other
things, rapidly changing accounting rules, regulations and
interpretations, the competitive environment in the sporting goods
industry in general and in the specific market areas of the Company,
consumer confidence, changes in discretionary consumer spending,
changes in costs of goods and services and economic conditions in
general, and in the companies' specific market areas and unseasonable
weather. The Company assumes no obligation to update any
forward-looking statements as a result of new information or future
events or developments.

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                      The Sports Authority, Inc.
              Condensed Consolidated Statements of Income
       (Dollars in thousands, except share and per share data)
     ------------------------------------------------------------ 

                        13 Weeks Ended            52 Weeks Ended
                   ------------------------- -------------------------

                    January 28,  January 29,  January 28,  January 29,
                       2006         2005         2006         2005
                   ------------ ------------ ------------ ------------
Net sales          $   741,087  $   713,756  $ 2,509,330  $ 2,435,863
Cost of goods sold,
 buying, and
 occupancy             524,119      508,760    1,802,123    1,756,879
                   ------------ ------------ ------------ ------------
  Gross profit         216,968      204,996      707,207      678,984
  Gross profit %          29.3%        28.7%        28.2%        27.9%
Operating expenses:
  Selling, general
   and administrative
   expenses            163,525      157,540      593,797      579,776
  Selling, general
   and administrative
   expenses %             22.1%        22.1%        23.7%        23.8%
  Merger integration
   costs                     -            -            -       21,750
  Store pre-opening
   expenses                115          769        2,636        4,012
                   ------------ ------------ ------------ ------------
Operating income        53,328       46,687      110,774       73,446
Non-operating
 income (expense):
  Interest expense      (5,619)      (5,455)     (22,368)     (20,103)
  Other income, net      1,458          112        3,122        1,396
                   ------------ ------------ ------------ ------------
Income before
 income taxes           49,167       41,344       91,528       54,739
  Income tax 
   expense             (19,378)     (16,044)     (36,111)     (21,272)
                   ------------ ------------ ------------ ------------
Net income         $    29,789  $    25,300  $    55,417  $    33,467
                   ============ ============ ============ ============
Earnings per share:
  Basic            $      1.13  $      0.98  $      2.12  $      1.30
                   ============ ============ ============ ============
  Diluted          $      1.10  $      0.96  $      2.06  $      1.27
                   ============ ============ ============ ============
Basic weighted
 average shares
 outstanding        26,425,686   25,845,562   26,165,203   25,691,176
                   ============ ============ ============ ============
Diluted weighted
 average shares
 outstanding        27,017,673   26,442,288   26,869,823   26,412,279
                   ============ ============ ============ ============


Reconciliation of GAAP measures to pro forma, non-GAAP measures:
----------------------------------------------------------------

Results of operations for the 52 weeks ended January 29, 2005 include
merger integration costs. In order to present comparable results year
over year, the following table provides a reconciliation of GAAP basis
net income to pro forma net income excluding these costs, and
including income tax expense at effective tax rates.

Income before income taxes as reported                    $    54,739
  Merger integration costs                                     21,750
                                                          ------------
Pro forma income before income taxes                           76,489
  Income tax expense at effective tax rates                   (29,831)
                                                          ------------
Pro forma net income                                      $    46,658
                                                          ============
Pro forma earnings per share:
  Basic                                                   $      1.82
                                                          ============
  Diluted                                                 $      1.77
                                                          ============
Basic weighted average shares outstanding                  25,691,176
                                                          ============
Diluted weighted average shares outstanding                26,412,279
                                                          ============


                      The Sports Authority, Inc.
                 Condensed Consolidated Balance Sheets
                        (Dollars in thousands)
               -----------------------------------------

                                              January 28,  January 29,
                                                 2006         2005
                                             ------------ ------------
ASSETS                                     

Current assets:
 Cash and cash equivalents                   $    25,295  $    24,838
 Merchandise inventories                         668,913      727,610
 Other current assets                            130,706      128,969
                                             ------------ ------------
  Total current assets                           824,914      881,417
Property and equipment, net                      316,699      256,312
Other long-term assets                           262,169      312,209
                                             ------------ ------------
    Total assets                             $ 1,403,782  $ 1,449,938
                                             ============ ============

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
 Accounts payable                            $   277,966  $   336,073
 Short-term notes payable                            174            -
 Other current liabilities                       198,064      189,826
                                             ------------ ------------
  Total current liabilities                      476,204      525,899
Long-term debt                                   236,138      305,383
Other long-term liabilities                      136,643      133,647
                                             ------------ ------------
  Total liabilities                              848,985      964,929
                                             ------------ ------------
  Total stockholders' equity                     554,797      485,009
                                             ------------ ------------
    Total liabilities and stockholders'
     equity                                  $ 1,403,782  $ 1,449,938
                                             ============ ============

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