Posted August 30, 2018 8:30 am by Comments

By Tom Knighton

Dick’s Sporting Goods wanted the whole world to know it was one of the “good guys” in the gun debate. It unilaterally decided to discriminate against certain law-abiding adults and refuse to sell guns to anyone aged 18-21 as well as removing AR-15 style rifles from the last of its stores. It wanted to make sure anti-gun zealots counted them as acceptable.

And, it looked like the strategy might pan out for a bit there. They had a good quarter. Stock’s responded.

However, it also looked like the spike in earnings then was a short-term boost of people wanting to give Dick’s a pat on the head. I commented back in May that I didn’t expect it to last.

It didn’t.

Dick’s Sporting Goods (DKS.N) reported a bigger-than-expected drop in quarterly same-store sales on Wednesday and forecast further declines this year, hit by tighter gun controls and a drop in Under Armour sales.

Shares in the company fell as much as 10 percent after it posted a 1.9 percent drop in same-store sales, bigger than analysts’ average estimate of a 0.62 percent dip.

Dick’s was one of the first retailers to stop selling assault rifles and high-capacity magazines as well as …Read the Rest

Source:: Bearing Arms

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