PLAINFIELD, Ind., Aug. 7

Net sales for the second quarter were $163.7 million, representing a 15.0 percent increase over the same period last year. For the first six months of fiscal 2003, net sales increased to $293.2 million, representing a 14.7 percent gain over the same period last year. Comparable store sales declined 7.7 and 7.1 percent, respectively for the second quarter and first six months of 2003. As expected, higher comparable store sales in outerwear, hunting and bicycles were more than offset by softness in camping, water sports, fishing, casual apparel, and swimwear categories.

Robert B. Mang, Chief Executive Officer and Chairman of the Company, commented, “As anticipated, the economy, a highly promotional retail environment and unseasonable weather negatively impacted comparable store sales in the second quarter.”

New Store Opening

Also today, the Company announced the opening of its newest store at the Westroads Mall in Omaha, Nebraska. This brings the total number of stores to 38 operating in 18 states.

About Galyan’s Sports and Outdoor Adventure

Galyan’s is a specialty retailer that offers a broad range of products that appeal to consumers with active lifestyles, from the casual consumer to the serious sports enthusiast. Galyan’s operates 38 stores in 18 states and offers outdoor and athletic equipment, apparel, footwear and accessories, as well as casual apparel and footwear.