<PAGE>

                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C.  20549

                                   FORM 10-Q

X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
-
ACT OF 1934


For the quarterly period ended August 4, 2001
                               --------------

                                      OR

_ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
 EXCHANGE ACT OF 1934

For the transition period from ___________________ to ____________________

Commission File No. 1-13426
                    -------

                          THE SPORTS AUTHORITY, INC.
                          --------------------------
            (Exact name of registrant as specified in its charter)


             Delaware                                        36-3511120
-------------------------------------               ----------------------------
   (State or other jurisdiction of                        (I.R.S. Employer
   incorporation or organization)                       Identification No.)

3383 N. State Road 7, Ft. Lauderdale, Florida                   33319
--------------------------------------------------------------------------------
  (Address of principal executive offices)                    (Zip Code)

                                (954) 735-1701
                          --------------------------
             (Registrant's telephone number, including area code)

        Indicate by check mark whether the registrant: (1) has filed all reports
         required to be filed by Section 13 or 15 (d) of the Securities Exchange
         Act of 1934 during the preceding 12 months (or for such shorter period
         that the registrant was required to file such reports), and (2) has
         been subject to such filing requirements for the past 90 days.

                 Yes   X                 No
                    --------

Number of shares of Common Stock outstanding at September 14, 2001:  32,685,126
                                                                     ----------
<PAGE>

                          THE SPORTS AUTHORITY, INC.


                              INDEX TO FORM 10-Q

<TABLE>
<CAPTION>
                                                                         Page Number
                                                                         -----------
<S>                                                                      <C>
Part I.   FINANCIAL INFORMATION

          Item 1.  Financial Statements

                   Consolidated Statements of Operations                       3

                   Consolidated Balance Sheets                                 4

                   Consolidated Statements of Cash Flows                       5

                   Notes to Consolidated Financial Statements                  6

          Item 2.  Management's Discussion and Analysis of Financial
                   Condition and Results of Operations                        10


Part II.  OTHER INFORMATION

          Item 4.  Submission of Matters to a Vote of Security Holders        15

          Item 6.  Exhibits and Reports on Form 8-K                           16

SIGNATURES                                                                    17

INDEX TO EXHIBITS                                                             18
</TABLE>

                                       2
<PAGE>

Part I. FINANCIAL INFORMATION
Item 1. Financial Statements

                          THE SPORTS AUTHORITY, INC.
                     CONSOLIDATED STATEMENTS OF OPERATIONS
                     (In thousands, except per share data)

<TABLE>
<CAPTION>
                                                                13 Weeks Ended                     26 Weeks Ended
                                                         -----------------------------      -----------------------------
                                                             August 4,         July 29,        August 4,      July 29,
                                                                2001             2000             2001           2000
                                                           -----------     ------------     ------------     -----------
                                                                     (Unaudited)                     (Unaudited)
<S>                                                      <C>                <C>             <C>               <C>
Sales                                                        $   370,780     $    387,452     $   710,151     $   739,007
License fees and rental income                                       854              708           1,570           1,313
                                                             -----------     ------------     -----------     -----------
                                                                 371,634          388,160         711,721         740,320
                                                             -----------     ------------     -----------     -----------
Cost of merchandise sold, including
     buying and occupancy costs                                  266,556          282,135         517,811         547,525
Selling, general and administrative expenses                      92,656           93,265         181,803         182,910
Pre-opening expense                                                    -              684               -           1,801
                                                             -----------     ------------     -----------     -----------
                                                                 359,212          376,084         699,614         732,236
                                                             -----------     ------------     -----------     -----------

Store exit costs                                                   1,583                -           1,583               -
Corporate restructuring                                                -                -             800               -
                                                             -----------     ------------     -----------     -----------

     Operating income                                             10,839           12,076           9,724           8,084
Interest, net                                                      3,585            5,333           8,514           9,560
                                                             -----------     ------------     -----------     -----------

Income (loss) before extraordinary gain and cumulative
    effect of change in accounting principle                       7,254            6,743           1,210          (1,476)
Extraordinary gain, net of tax                                       327            1,441             548          18,631
Cumulative effect of change in accounting principle                    -                -            (503)              -
                                                             -----------     ------------     -----------     -----------
     Net income                                              $     7,581     $      8,184     $     1,255     $    17,155
                                                             ===========     ============     ===========     ===========

Earnings (loss) per common share-basic and diluted
     Income (loss) before extraordinary gain and
       cumulative effect of change in accounting principle   $      0.22     $       0.21     $      0.04     $     (0.04)
     Extraordinary gain                                             0.01             0.04            0.02            0.57
     Cumulative effect of change in accounting principle               -                -           (0.02)              -
                                                             -----------     ------------     -----------     -----------

     Net income                                              $      0.23     $       0.25     $      0.04     $      0.53
                                                             ===========     ============     ===========     ===========

Weighted average common shares outstanding:
     Basic                                                        32,614           32,280          32,581          32,250
                                                             ===========     ============     ===========     ===========

     Diluted                                                      32,839           32,283          32,750          32,252
                                                             ===========     ============     ===========     ===========
</TABLE>

          See accompanying Notes to Consolidated Financial Statements

                                       3
<PAGE>

                          THE SPORTS AUTHORITY, INC.
                          CONSOLIDATED BALANCE SHEETS
                                (In thousands)

<TABLE>
<CAPTION>
                                                                        August 4,     February 3,
                                                                          2001           2001
                                                                      ------------    -----------
                                                                      (Unaudited)
<S>                                                                   <C>             <C>
Assets
Current assets:
    Cash and cash equivalents                                         $   9,298       $     7,535
    Merchandise inventories                                             360,123           393,087
    Receivables and other current assets                                 34,523            32,690
                                                                      ---------       -----------
        Total current assets                                            403,944           433,312

Net property and equipment                                              201,118           212,991
Other assets and deferred charges                                        16,319            16,244
                                                                      ---------       -----------

        Total assets                                                  $ 621,381       $   662,547
                                                                      =========       ===========

Liabilities and Stockholders' Equity
Current liabilities:
    Accounts payable - trade                                          $ 120,706       $    97,097
    Accrued payroll and other liabilities                                92,563           114,990
    Current debt                                                         13,741            45,756
    Taxes other than income taxes                                        13,234            10,380
    Income taxes                                                          4,999             4,889
                                                                      ---------       -----------
        Total current liabilities                                       245,243           273,112

Long-term debt                                                          194,487           205,100
Other long-term liabilities                                              37,842            42,018
                                                                      ---------       -----------

        Total liabilities                                               477,572           520,230

Stockholders' equity:
    Common stock, $.01 par value, 100,000 shares
       authorized, 32,685 and 32,385 shares issued, respectively            326               324
    Additional paid-in-capital                                          252,954           252,279
    Deferred compensation                                                  (523)              (83)
    Accumulated deficit                                                (108,428)         (109,683)
    Treasury stock, 56 shares at cost                                      (520)             (520)
                                                                      ---------       -----------
        Total stockholders' equity                                      143,809           142,317
                                                                      ---------       -----------

        Total liabilities and stockholders' equity                    $ 621,381       $   662,547
                                                                      =========       ===========
</TABLE>


          See accompanying Notes to Consolidated Financial Statements

                                       4
<PAGE>

                          THE SPORTS AUTHORITY, INC.
                     CONSOLIDATED STATEMENTS OF CASH FLOWS
                                (In thousands)


<TABLE>
<CAPTION>
                                                                           26 Weeks Ended
                                                                     ---------------------------
                                                                      August 4,         July 29,
                                                                        2001              2000
                                                                     -----------     -----------
                                                                              (Unaudited)
<S>                                                                   <C>            <C>
Cash provided by (used for):

Operations
    Net income                                                        $  1,255       $   17,155
    Adjustments to reconcile net income to operating cash flows:
        Depreciation and amortization                                   21,263           19,738
        Extraordinary gain                                                (548)         (20,631)
        Cumulative effect of change in accounting principle                503               --
        Cumulative translation adjustment                                   --              209
        Store closing charges                                            1,583               --
        Corporate restructuring                                            800               --
    Cash provided by (used for) current assets and liabilities:
        Change in receivables and other current assets                  (1,833)          21,562
        Change in merchandise inventories                               32,461          (35,646)
        Increase in accounts payable - trade                            23,609           24,547
        Decrease in accrued payroll and other liabilities              (23,276)         (17,985)
        Other - net                                                     (3,674)           1,380
                                                                      --------       ----------

        Net cash provided by operations                                 52,143           10,329
                                                                      --------       ----------

Investing
    Capital expenditures                                                (8,297)         (25,837)
    Other - net                                                             --           (2,000)
                                                                      --------       ----------

        Net cash used for investing                                     (8,297)         (27,837)
                                                                      --------       ----------

Financing
    (Payments) borrowings under credit facility, net                   (10,161)          74,782
    Purchase of convertible notes                                      (31,406)         (59,832)
    Proceeds from sale of stock and treasury stock                         132              141
    Debt issuance costs                                                   (134)            (115)
    (Payments) borrowings under capital lease obligations, net            (514)           1,668
                                                                      --------       ----------

        Net cash (used for) provided by financing                      (42,083)          16,644
                                                                      --------       ----------

Net increase (decrease) in cash and cash equivalents                     1,763             (864)
    Cash and cash equivalents at beginning of year                       7,535           11,814
                                                                      --------       ----------

Cash and cash equivalents at end of period                            $  9,298       $   10,950
                                                                      ========       ==========
</TABLE>

          See accompanying Notes to Consolidated Financial Statements

                                       5
<PAGE>

                          THE SPORTS AUTHORITY, INC.

                  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


Note 1:  Basis of Presentation

     The unaudited interim financial statements have been prepared in accordance
with generally accepted accounting principles for interim financial statements
and should be read in conjunction with the Company's Annual Report on Form 10-K
for the fiscal year ended February 3, 2001. The unaudited financial statements
include all adjustments (consisting of normal recurring accruals) which are, in
the opinion of management, necessary for a fair presentation. Results of
operations for the period are not necessarily indicative of the results to be
expected for the full year.

     Certain amounts in the prior year's financial statements have been
reclassified to conform to the current year's presentation.

Note 2:  Change in Accounting Method

     In the first quarter of 2001, the Company changed its method of accounting
for inventories from the retail inventory method to the lower of weighted
average cost or market method. The Company believes the weighted average cost
method is preferable because it results in greater precision in the costing of
sales and inventories and a better matching of revenues and cost of goods sold.
The effect of the change as of the beginning of the year was presented as a
cumulative effect of a change in accounting principle of $0.5 million, or $0.02
per share, in the first quarter of 2001. The effect of the change on income
before extraordinary gain for the quarter and six months ended August 4, 2001
was not material. The pro-forma impact of the change on income before
extraordinary gain for the quarter ended July 29, 2000 is not determinable.

Note 3:  E-Commerce Agreement and Joint Venture Dissolution

     Prior to July 2001, the Company was a 19.9% owner of
TheSportsAuthority.com, Inc., a joint venture with Global Sports Interactive,
Inc. ("Global Sports"), a wholly-owned subsidiary of Global Sports, Inc., which
operated the Company's e-commerce business. In July 2001, the joint venture was
dissolved and the Company entered into a License and E-Commerce Agreement (the
"Agreement") with Global Sports. Under the new Agreement, Global Sports will own
and operate TheSportsAuthority.com website, and will pay a royalty to the
Company for use of certain trademarks, service marks and domain names owned by
the Company.

Note 4:  Restructuring Reserves

Store Exit Costs:

     In the second quarter of 2001, the Company entered into an agreement to
terminate its remaining lease obligation on a previously closed store site. The
Company recorded exit costs of $1.6 million in conjunction with this agreement,
which represents the excess of the lease termination fee over the recorded
obligation for this store.

     The Company recorded store exit costs of $2.8 million, $8.9 million and
$39.4 million in 2000, 1999 and 1998, respectively. The 2000 charge related
principally to a $4.0 million increase in reserves established under prior store
exit plans based on changes in the estimated time and rate to sublease or assign
certain locations. The charge was partially offset by a net $1.2 million gain on
the lease termination of one store approved for closure in 2000 pursuant to a
favorable lease buy-out agreement. This store closed in the fourth quarter of
2000.

     The 1999 charge related primarily to closure of five Canadian and two U.S.
stores. The Canadian stores were closed in the first quarter of 2000, and the
two U.S. stores by the end of the third quarter of 2000. The 1998 charge related
to the announced closure of 18 underperforming stores, including two in Canada.
As a result of favorable

                                       6
<PAGE>

                          THE SPORTS AUTHORITY, INC.

                  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


market and lease factors, the Company decided not to close three stores and
reversed its exit reserves for these stores in 1999. The remaining 15 stores
were closed in the first quarter of 1999. As a result of its store closures, the
Company ceased its Canadian operations in 2000. The Company's results of
operations for the 26 weeks ended July 29, 2000 include sales of $3.4 million
and operating income of $0.6 million from the Canadian stores.

     The Company is actively marketing its closed store sites. With the July
2001 lease termination, the Company has cumulatively assigned or terminated its
lease obligations at ten stores, and entered into long-term subleases of three
others. Following is a summary of activity in the store exit reserves for the 26
weeks ended August 4, 2001.

<TABLE>
<CAPTION>
                                                       Lease and
                                                        Related          Fixed        Employee
(in thousands)                                        Obligations       Assets        Severance        Other         Total
                                                     --------------------------------------------------------------------------
<S>                                                  <C>             <C>            <C>            <C>            <C>
Balance at February 3, 2001                          $    21,634     $       82     $        3     $      667     $   22,386
Payments                                                  (9,333)           (82)             -           (464)        (9,879)

Adjustment of previously established reserves              1,549                                           34          1,583
Sublease income                                            1,029              -              -             65          1,094
                                                     -----------     ----------     ----------     ----------     ----------
Balance at August 4, 2001                            $    14,879     $        -     $        3     $      302     $   15,184
                                                     ===========     ==========     ==========     ==========     ==========
</TABLE>

Corporate Restructuring:

     During the first quarter of 2001, the Company approved a corporate
restructuring plan to consolidate certain departmental functions in response to
the Company's current plans for limited growth. In conjunction with this plan,
the Company eliminated 44 positions and recorded a charge of $0.8 million for
employment termination benefits. The Company paid $0.2 million in severance
payments under this plan during the second quarter of 2001.

Note 5:  Income Taxes

    No tax provision was recorded in the second quarter of 2001 since the
Company expects that it will have a nominal effective tax rate in fiscal 2001
due to the availability of federal and state net operating loss carryforwards,
as well as the reversal of other tax deductible timing differences.

Note 6:  Earnings Per Share

     The Company calculates earnings per share ("EPS") in accordance with
Statement of Financial Accounting Standards No. 128 ("SFAS 128"), "Earnings Per
Share", which requires a dual presentation of basic and diluted EPS. A
reconciliation of the numerators and denominators of the basic and diluted EPS
computations is illustrated below:

                                       7
<PAGE>

                          THE SPORTS AUTHORITY, INC.

                  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


<TABLE>
<CAPTION>
                                                                13 Weeks Ended                     26 Weeks Ended
                                                         -----------------------------      -----------------------------
(in thousands, except per share data)                         August 4,      July 29,         August 4,       July 29,
                                                                2001           2000              2001            2000
                                                              ---------      --------         ---------       --------
<S>                                                           <C>            <C>              <C>             <C>
Basic EPS Computation

Income (loss) before extraordinary gain and
   cumulative effect of change in accounting principle        $   7,254      $  6,743         $   1,210       $ (1,476)
                                                              ---------      --------         ---------       --------

Weighted average common shares                                   32,614        32,280            32,581         32,250
                                                              ---------      --------         ---------       --------

Basic earnings (loss) before extraordinary gain and
    cumulative effect of change in accounting principle
    per common share                                          $     .22      $    .21         $     .04       $   (.04)
                                                              =========      ========         =========       ========

Diluted EPS Computation (a)

Income (loss) before extraordinary gain and
    cumulative effect of change in accounting principle       $   7,254      $  6,743         $   1,210       $ (1,476)
                                                              ---------      --------         ---------       --------

Weighted average common shares                                   32,614        32,280            32,581         32,250
Effect of stock options                                             225             3               169              2
                                                              ---------      --------         ---------       --------
     Total shares                                                32,839        32,283            32,750         32,252
                                                              ---------      --------         ---------       --------

Diluted earnings (loss) before extraordinary gain and
    cumulative effect of change in accounting principle
    per common share                                          $     .22      $    .21         $     .04       $   (.04)
                                                              =========      ========         =========       ========
</TABLE>

(a) The calculation of diluted EPS excludes interest expense and potential
    shares related to the conversion rights granted to holders of the Company's
    5.25% Convertible Subordinated Notes (the "Notes"), which would have an
    antidilutive effect in all periods presented.

Note 7:  Comprehensive Income

     Comprehensive income represents the change in equity arising from non-owner
sources, including net income and other comprehensive income items such as
foreign currency translation adjustments and minimum pension liability
adjustments. For the 13 and 26 weeks ended July 29, 2000, comprehensive income
was $8.1 million and $17.4 million, respectively, and consisted of net income
and foreign currency translation adjustments. The Company had no other
comprehensive income items for the 13 and 26 weeks ended August 4, 2001.

Note 8:  Extraordinary Gain

     In the second quarter of 2001, the Company recorded an extraordinary gain
of $0.3 million related to the purchase of approximately $27.3 million principal
amount of the Notes for $27.0 million. As a result of its purchases, the
Company's outstanding obligation under the Notes was reduced to $12.8 million as
of August 4, 2001. The remaining Notes obligation was repaid in full on the
September 17, 2001 maturity date.

                                       8
<PAGE>

                          THE SPORTS AUTHORITY, INC.

                  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 9:  Impact of Adoption of New Accounting Pronouncement

     In May 2000, the Emerging Issues Task Force ("EITF") reached a consensus in
EITF Issue No. 00-14, "Accounting for Certain Sales Incentives," which is
effective for quarters beginning after March 15, 2001. Under this pronouncement,
the estimated cost of sales incentives such as coupons and rebates must be
treated as a reduction of revenue in the period in which the related sale is
recognized. The Company has historically classified the cost of such incentives
as a component of merchandise costs or as selling, general and administrative
("SG&A") expense. The Company early adopted Issue No. 00-14 in the first quarter
of 2001. This adoption had no impact on the Company's results of operations,
other than the reclassification of such costs in the statement of operations for
the periods presented. For the 13 weeks ended July 29, 2000, this
reclassification resulted in a reduction of sales of $2.1 million, with a
corresponding reduction in merchandise costs and SG&A expense of $1.2 million
and $0.9 million, respectively. For the 26 weeks ended July 29, 2000, the
reclassification resulted in reductions of sales, merchandise costs and SG&A
expense of $4.8 million, $2.9 million and $1.9 million, respectively.

                                       9
<PAGE>

Item 2.

                          THE SPORTS AUTHORITY, INC.
        MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
                             RESULTS OF OPERATIONS

Results of Operations

The following table sets forth the Company's statement of operations data as a
percent of sales for the periods indicated.

<TABLE>
<CAPTION>
                                                                13 Weeks Ended                     26 Weeks Ended
                                                          -----------------------------     ------------------------------
                                                            August 4,        July 29,         August 4,         July 29,
                                                               2001             2000             2001              2000
                                                          ------------      -----------      -----------        ----------
<S>                                                       <C>               <C>              <C>                <C>
Sales                                                           100.0%           100.0%           100.0%            100.0%
Cost of merchandise sold, including
    buying and occupancy costs                                   71.9             72.8             72.9              74.1
                                                          -----------       ----------       ----------        ----------
Gross margin                                                     28.1             27.2             27.1              25.9
License fees and rental income                                   (0.2)            (0.2)            (0.2)             (0.2)
Selling, general and administrative expenses                     25.0             24.1             25.6              24.8
Pre-opening expense                                                 -              0.2                -               0.2
Store exit costs                                                  0.4                -              0.2
Corporate restructuring                                             -                -              0.1                 -
                                                          -----------       ----------       ----------        ----------
     Operating income                                             2.9              3.1              1.4               1.1
Interest, net                                                     1.0              1.4              1.2               1.3
                                                          -----------       ----------       ----------        ----------
Income (loss) before extraordinary gain and cumulative
  effect of change in accounting principle                        1.9              1.7              0.2              (0.2)
Extraordinary gain, net of tax                                    0.1              0.4              0.1               2.5
Cumulative effect of change in accounting principle                 -                 -            (0.1)                -
                                                          -----------       ----------       ----------        ----------
     Net income                                                   2.0%             2.1%             0.2%              2.3%
                                                          ===========       ==========       ==========        ==========
</TABLE>

The following table sets forth the Company's store openings and closings for the
periods indicated.

<TABLE>
<CAPTION>
                                                                13 Weeks Ended                     26 Weeks Ended
                                                         -----------------------------      -----------------------------
                                                           August 4,         July 29,         August 4,          July 29,
                                                              2001              2000             2001              2000
                                                         ------------      -----------      ------------     ------------
<S>                                                      <C>               <C>              <C>              <C>
Beginning number of stores (a)                                   198               197               198              201
Openings                                                           -                 3                 -                4
Closings (a)                                                       -                (1)                -               (6)
                                                         -----------       ------------     ------------     ------------
Ending number of stores                                          198               199               198              199
                                                         ===========       ===========      ============     ============
</TABLE>

(a)  The beginning number of stores and closed stores for the 13 and 26 weeks
     ended July 29, 2000 exclude two clearance stores opened on a test basis in
     previously closed store sites. The clearance stores were closed in the
     second quarter of 2000.

                                       10
<PAGE>

                          THE SPORTS AUTHORITY,  INC.
        MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
                       RESULTS OF OPERATIONS - continued

13 Weeks Ended August 4, 2001 and July 29, 2000

     Sales for the 13 weeks ended August 4, 2001 were $370.8 million, a $16.7
million, or 4.3%, decrease from sales of $387.5 million for the same period in
the prior year. During 2000, the Company closed ten stores pursuant to its store
closing plans, including five in Canada in the first quarter of 2000. Results
for the 13 weeks ended July 29, 2000 include sales from closed stores of $4.9
million.

     Excluding the impact of store closings, sales decreased $11.8 million, or
3.0%. The decline in sales resulted from a decrease in comparable store sales of
$15.5 million, or 4.0%, partially offset by an increase of $3.6 million, or
1.0%, from stores opened in 2000 which had no comparable sales in the prior
year. In deriving comparable store sales, the 2000 period sales were adjusted
for the difference in the fiscal 2000 versus fiscal 2001 calendar, such that
comparable days are included in the measurement.

     Sales during the second quarter of 2001 reflected continued pressure from
the soft economic climate. Additionally, comparable store sales in the in-line
skate and scooter category dropped significantly as the Company began to cycle
against strong sales of these goods in the prior year. The Company expects to
see continued declines in this category through the balance of 2001.

     License fees and rental income were $0.9 million, or 0.2% of sales, for the
13 weeks ended August 4, 2001, compared to $0.7 million, or 0.2% of sales, for
the same period in the prior year. License fees consist principally of royalty
fee income under a license agreement between the Company and Mega Sports Co.,
Ltd. ("Mega Sports"), the Company's Japanese joint venture. Royalty fees under
this agreement totaled $0.8 million and $0.6 million for the 13 weeks ended
August 4, 2001 and July 29, 2000, respectively. The Company previously had a
license agreement with TheSportsAuthority.com, a former joint venture that
operated the e-commerce business of the Company. Royalty fees under this
agreement were nominal in both periods. In July 2001, the joint venture was
dissolved, and the Company entered into a new licensing agreement with Global
Sports, Inc. Under the new agreement, the Company will continue to receive
royalty fee income based on net revenues of TheSportsAuthority.com website, but
will not have an ownership interest in that website.

     Cost of merchandise sold, including certain buying and occupancy costs, was
$266.6 million, or 71.9% of sales, for the 13 weeks ended August 4, 2001 as
compared to $282.1 million, or 72.8% of sales, for the same period in the prior
year. The 90 basis point improvement resulted from a change in buying and
pricing strategies. In the first quarter of 2001, the Company changed its method
of accounting for inventories from the retail inventory method to the lower of
weighted average cost or market method. The effect of the accounting change on
the Company's gross margin for the quarter ended August 4, 2001 was not
material, while the pro forma effect on gross margin for the same period of the
prior year was not determinable.

     Selling, general and administrative ("SG&A") expenses for the 13 weeks
ended August 4, 2001 were $92.7 million, or 25.0% of sales, as compared to $93.3
million, or 24.1% of sales, for the same period in the prior year. While SG&A
expenses declined slightly, negative leverage due to the decrease in sales
volume produced an increase as a percent of sales of 0.9%.

     The Company opened no new stores during the 13 weeks ended August 4, 2001.
Pre-opening expense for the 13 weeks ended July 29, 2000 was $0.7 million and
related to three store openings. Pre-opening expense consists principally of
store payroll expense for associate training and store preparation, occupancy
costs and grand-opening advertising expenditures.

                                       11
<PAGE>

                          THE SPORTS AUTHORITY, INC.
        MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
                       RESULTS OF OPERATIONS - continued


     Store exit costs were $1.6 million, or 0.4% of sales, in the second quarter
of 2001. During the quarter, the Company entered into a lease termination
agreement for one of its previously closed store sites. The charge represented
the excess of the lease termination fee over the recorded obligation for this
store.

     Interest, net for the 13 weeks ended August 4, 2001 was $3.6 million, or
1.0% of sales, compared to $5.3 million, or 1.4% of sales, for the same period
in the prior year. The decrease of $1.7 million was due primarily to interest
rate reductions on borrowings under the Company's committed revolving credit
facility (the "Credit Facility"), combined with a decrease in overall debt.

     No tax provision was recorded in the second quarter of 2001 since the
Company expects that it will have a nominal effective tax rate in fiscal 2001
due to the availability of federal and state net operating loss carryforwards,
as well as the reversal of other tax deductible timing differences.

     During the 13 weeks ended August 4, 2001, the Company purchased $27.3
million principal amount of the Notes for $27.0 million, and recorded an
extraordinary gain of $0.3 million. In the same period of the prior year, the
Company recorded an extraordinary gain of $1.4 million on the purchase of $5.1
million principal amount of the Notes for $3.6 million.

     As a result of the foregoing factors, net income for the 13 weeks ended
August 4, 2001 was $7.6 million, compared to $8.2 million for the same period of
the prior year.

26 Weeks Ended August 4, 2001 and July 29, 2000

     Sales for the 26 weeks ended August 4, 2001 were $710.2 million, a $28.8
million, or 3.9%, decrease from sales of $739.0 million for the same period in
the prior year. Sales for the period ended July 29, 2000 includes sales from
closed stores of $14.6 million.

     Excluding the impact of store closings, sales decreased $14.2 million, or
2.0%. The decrease resulted from a decline in comparable store sales of $33.1
million, or 4.5%, partially offset by an increase of $10.6 million, or 1.5%,
from stores opened in 2000 which had no comparable sales in the prior year. In
deriving comparable store sales, the 2000 period sales were adjusted for the
difference in the fiscal 2000 versus fiscal 2001 calendar, such that comparable
days are included in the measurement. This adjustment accounted for the
remaining change in sales of $8.3 million.

     The decline in comparable store sales in the first half of 2001 resulted
from a number of factors, including the sluggish economy and increased
competition in a number of markets. Additionally, a late spring, combined with
inventory imbalances in certain categories, hampered sales in the first quarter.
Although the fitness and ladies activewear categories continued strong trends
started in 2000, these gains were more than offset by decreases in certain
outdoor categories, in-line skates and scooters, and racquet and golf.

     License fees and rental income was $1.6 million, or 0.2% of sales, for the
26 weeks ended August 4, 2001, compared to $1.3 million, or 0.2% of sales, for
the same period in the prior year. Royalty fees under the Mega Sports license
agreement were $1.4 million and $1.1 million for the 26 weeks ended August 4,
2001 and July 29, 2000, respectively. Royalty fees under the e-commerce
agreement were nominal during both periods.

     Cost of merchandise sold, including buying and occupancy costs, was $517.8
million, or 72.9% of sales, for the 26 weeks ended August 4, 2001, compared to
$547.5 million, or 74.1% of sales, for the same period in the prior year.
Merchandise costs decreased 1.2% of sales due primarily to changes in buying and
pricing strategies implemented over the

                                       12
<PAGE>

                          THE SPORTS AUTHORITY, INC.
        MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
                       RESULTS OF OPERATIONS - continued

last year. Merchandise costs were determined under the lower of weighted average
cost or market method for the 26 weeks ended August 4, 2001, versus the retail
inventory method for the 26 weeks ended July 29, 2000. The effect of the
accounting change on such costs was not material for the 2001 period. The pro
forma impact of the change on the 2000 period is not determinable.

     SG&A expenses for the 26 weeks ended August 4, 2001 were $181.8 million, or
25.6% of sales, as compared to $182.9 million, or 24.8% of sales, for the same
period in the prior year. While SG&A expenses reflected a slight decline
compared to the prior year, lost leverage due to lower sales volumes resulted in
a 0.8% of sales increase in expense.

     Corporate restructuring was $0.8 million, or 0.1% of sales, for the 26
weeks ended August 4, 2001. During the first quarter of 2001, the Company
approved a corporate restructuring plan to consolidate certain departmental
functions in response to the Company's current plans for limited growth,
resulting in the elimination of 44 positions. The Company has paid approximately
$0.4 million in severance payments under the plan through August 4, 2001.

     Interest, net for the 26 weeks ended August 4, 2001 was $8.5 million, or
1.2% of sales, compared to $9.6 million, or 1.3% of sales, for the same period
in the prior year. The decrease in expense was due to a general decline in
interest rates as well as a reduction in the Company's overall debt.

     The Company recorded no tax provision for the 26 weeks ended August 4,
2001. The Company expects its effective tax rate in fiscal 2001 will be nominal
due to the availability of federal and state net operating loss carryforwards,
as well as the reversal of other tax deductible timing differences. In fiscal
2000, the Company recorded a $2.0 million tax provision for estimated
alternative minimum taxes related to the extraordinary gain on early
extinguishment of debt.

     During the 26 weeks ended August 4, 2001, the Company purchased $31.9
million principal amount of the Notes for $31.4 million, and recorded an
extraordinary gain of $0.5 million. During the 26 weeks ended July 29, 2000, the
Company recorded an extraordinary gain of $18.6 million, net of tax, related to
the purchase of $81.1 million principal amount of the Notes for $59.8 million.
The Company repaid its remaining obligation under the Notes on the September 17,
2001 maturity date.

     As a result of the foregoing factors, net income for the 26 weeks ended
August 4, 2001 was $1.3 million, or 0.2% of sales, as compared to $17.2 million,
or 2.3% of sales, for the same period in the prior year. In the first quarter of
2000, the Company closed its five remaining Canadian stores pursuant to its
announced store exit plan. The Company's results of operations for the 26 weeks
ended July 29, 2000 include sales of $3.4 million and operating income of $0.6
million related to the Canadian subsidiary.

Liquidity and Capital Resources

     The Company's principal capital requirements are to fund working capital
needs and for capital expenditures on information system upgrades and store
refurbishment. For the 26 weeks ended August 4, 2001, these capital requirements
were generally funded by operations. Cash flows generated by (used for)
operating, investing and financing activities for the 26 weeks ended August 4,
2001 and July 29, 2000 are summarized below.

     Net cash provided by operations was $52.1 million for the 26 weeks ended
August 4, 2001, compared to $10.3 million for the same period in the prior year.
The increase in cash flow resulted primarily from a $32.5 million reduction in
inventory levels during the current period, versus an increase of $35.6 million
during the same period of the prior year. Additionally, although year over year
inventory levels declined, trade accounts payable increased slightly, producing
an improvement in the percentage of inventory financed by accounts payable to
33.5% at August 4, 2001, versus 30.5% as of July 29, 2000.

                                       13
<PAGE>

                          THE SPORTS AUTHORITY,  INC.
        MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
                       RESULTS OF OPERATIONS - continued

     Net cash used for investing activities was $8.3 million for the 26 weeks
ended August 4, 2001, compared to $27.8 million for the same period in the prior
year. Capital expenditures included $2.3 million for hardware and software
upgrades and $5.8 million for refurbishment of existing stores. The remaining
capital expenditures of $0.2 million were used for improvements at the regional
distribution centers and corporate office.

     Net cash used for financing activities was $42.1 million for the 26 weeks
ended August 4, 2001, compared to net cash provided by financing activities of
$16.6 million for the same period of the prior year. During the 2001 period, the
Company used operating cash flows to fund capital expenditures and Notes
purchases. Conversely, during the 2000 period the Company relied principally on
borrowings under the Credit Facility to finance Notes purchases and a portion of
its capital expenditures.

     The Company's working capital at August 4, 2001 was $158.7 million,
compared to $193.9 million at July 29, 2000, a decrease of $35.2 million. The
decrease is due primarily to the $23.0 million reduction in inventory levels
year over year, combined with classification of the $12.8 million remaining
Notes obligation as current at August 4, 2001 versus long-term at July 29, 2000.

     The Company substantially curtailed its expansion strategy in the past two
years, and plans to open no new stores in 2001. The Company estimates its
capital expenditures in 2001 will be approximately $15 to $18 million and will
be for refurbishing existing stores, basic maintenance capital expenditures, and
upgrading information systems. The Company is expanding its distribution
channels to include catalog and team sales, but anticipates that the investment
in these initiatives will be nominal in 2001.

     The Company believes that anticipated cash flows from operations, combined
with borrowings under the Credit Facility, will be sufficient to fund working
capital and finance capital expenditures during the next 12 months.

Seasonality and Inflation

     The Company's annual business is seasonal, with higher sales and correlated
profits occurring in the second and fourth quarters. In fiscal 2000, the
Company's sales trended as follows: 23.6% in the first quarter, 26.0% in the
second quarter, 22.4% in the third quarter and 28.0% in the fourth quarter.

     Management does not believe inflation had a material effect on the
financial statements for the periods presented.

Forward Looking Statements

     Certain statements under the heading "Management's Discussion and Analysis"
and elsewhere in this Form 10-Q constitute "forward looking statements" made in
reliance on the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. As such, they involve risks and uncertainties that could
cause actual results to differ materially from those set forth in such forward
looking statements. The Company's forward looking statements are based on
assumptions about, or include statements concerning, many important factors,
including without limitation changes in discretionary consumer spending and
consumer preferences, particularly as they relate to athletic footwear, apparel
and sporting equipment and the Company's particular merchandise mix and retail
locations; the Company's ability to effectively implement its merchandising,
marketing, store expansion and refurbishment, electronic commerce and other
strategies; increasing competition from other retailers; unseasonable weather;
fluctuating sales margins; product availability; capital spending levels; and
the impact of external factors such as the recent terrorist attacks against the
United States. The Company undertakes no obligation to release publicly the
results of any revisions to these forward looking statements to reflect events
or circumstances after the date such statements were made.

                                       14
<PAGE>

                          THE SPORTS AUTHORITY, INC.

Part II.      OTHER INFORMATION

   Item 4.  Submission of Matters to a Vote of Security Holders

      At the Annual Meeting of Stockholders held on June 27, 2001, the
stockholders of the Company: (i) elected three Class I Directors, (ii) approved
the Amended and Restated Employee Stock Purchase Plan, and (iii) ratified the
appointment of Ernst & Young LLP as independent accountants for the Company for
the fiscal year ending February 1, 2002. The results of these votes were as
follows:

                                                                         Broker
       (i)     Director Nominees - Class I     For       Withheld      Non-Votes
               ---------------------------     ---       --------      ---------

               Julius W. Erving             28,801,995    284,320          -
               Martin E. Hanaka             28,801,383    284,932          -
               Charles H. Moore             28,801,986    284,329          -


        Other Directors whose term of office continued after the meeting are as
follows:

              Class II       Cynthia R. Cohen
                             Steve Dougherty
                             Kevin M. McGovern

              Class III      A. David Brown
                             Mary Elizabeth Burton
                             Carol Farmer

<TABLE>
<CAPTION>
                                                                                                       Broker
                                                        For           Against         Abstain         Non-Votes
                                                        ---           -------         -------         ---------
      <S>                                             <C>             <C>             <C>             <C>
     (ii)      Amended and Restated Employee
                 Stock Purchase Plan                  28,135,512        872,691          78,112              -

<CAPTION>
                                                                                                       Broker
                                                        For           Against         Abstain         Non-Votes
                                                        ---           -------         -------         ---------
      <S>                                             <C>             <C>             <C>             <C>
     (iii)     Ratification of Accountants            28,918,073         77,620          90,622              -
</TABLE>

                                       15
<PAGE>

                          THE SPORTS AUTHORITY, INC.


Part II. OTHER INFORMATION

              Item 6. Exhibits and Reports on Form 8-K

                      (a)  Exhibits:

                           See Index to Exhibits on Page 18

                      (b)  Reports on Form 8-K:

                           None

                                       16
<PAGE>

                          THE SPORTS AUTHORITY, INC.

                                  SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                                        THE SPORTS AUTHORITY, INC.



Date:  September 18, 2001                 By: /s/ GEORGE R. MIHALKO
                                              -----------------------
                                                  George R. Mihalko
                                                  Executive Vice President and
                                                  Chief Financial Officer
                                                  (Principal Financial Officer)



Date:  September 18, 2001                 By: /s/ TODD WEYHRICH
                                              -----------------------
                                                  Todd Weyhrich
                                                  Senior Vice President and
                                                  Controller (Principal
                                                  Accounting Officer)

                                       17
<PAGE>

                               INDEX TO EXHIBITS

Exhibits
--------

  4.1        Amended and Restated Rights Agreement dated as of September 11,
             2001 between the Company and American Stock Transfer and Trust
             Company, as Rights Agent, incorporated by reference to Exhibit 1 to
             the Form 8-A/A filed on September 17, 2001
 10.1 *      License and E-Commerce Agreement dated as of July 6, 2001 between
             the Company and Global Sports, Interactive, Inc.
 10.2        Form of Severance Agreement dated as of August 28, 2001 between the
             Company and James R. Tener
 10.3        Form of Severance Agreement dated as of August 28, 2001 between the
             Company and Arthur Quintana

      *      Portions of this document are omitted pursuant to a confidential
             treatment request.

                                      18