Economy

Dick’s Sporting Goods Will Remove Guns from 125 Stores Amid Declining Sales

Dick’s Sporting Goods Will Remove Guns from 125 Stores Amid Declining Sales”

Dick's Sporting Goods is feeling the sales fallout from its decision not to sell some guns, but it's not backing down.

Stack said the changes will be completed late this year and that the company is considering a multiyear initiative depending on how the stores perform. The move comes after a test in 10 stores late past year. "For 2018, we delivered earnings near the high end of our expectations, which represents an 8% increase over past year".

Executives at the sporting goods store said on a conference call that the company will stop the sale of firearms in 125 of its stores, The Wall Street Journal reported.The company tested the concept in 10 of its stores in the past year.

The company reported a 3.7 percent fall in comparable sales in the fourth-quarter ended February 2, hit by weakness in its hunting and electronics categories.

It sales at stores opened at least a year - a key measure for retailers - fell 2.2 percent.

Dick's reported net income of almost $103 million, down from $116 million the year before. Net sales for the full year decreased 1.8% from last year's 53 week period to approximately $8.44 billion.

The company's 2018 revenue was down nearly 2 percent to $8.4 billion, a dip that Stack has attributed to slower firearm sales, a change in Under Armour Inc.'s distribution strategy and weak performance in electronics sales.

Following a shooting in Florida in February 2018 that left 17 students and staff dead, Dick's hiked the minimum age to purchase a gun to 21 and prohibited the sale of AR-15 style rifles. But that was down from $2.66 billion a year earlier.

One analyst noted that following the gun policy changes, some Dick's customers have moved on to competitors, leading to further sales declines at the Coraopolis, Pennsylvania-based chain.

Dick's also said it's planning to enhance store experiences and focus on online sales.



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