Dick's to halt sales of rifles, ammo at 125 of its stores


Make text smaller Make text larger





Dick's Sporting Goods Inc. said on March 12 that it will stop selling hunting rifles and ammunition at 125 of its stores, replacing the gear with merchandise it believes will sell better at those locations.

CEO Edward Stack said the move comes after the sporting goods retailer replaced hunting merchandise in 10 of its stores in last year's third quarter. Those stores posted strong sales and profit margin numbers in the fourth quarter, he said.

The hunting gear will be removed this year from 125 additional stores where it does not sell well, he said. It will be replaced with “merchandise categories that can drive growth, each based on the needs of that particular market," he said in a conference call with analysts.

As of early February, the company operated 729 Dick's Sporting Goods stores across the U.S.

Dick's made headlines in 2018 when, in the aftermath of the massacre at Marjory Stoneman Douglas High School, it banned the sale of assault-style rifles and the sale of all guns to anyone under 21.

The hunting-merchandise announcement came after the reported a dip in fourth-quarter sales and a soft profit forecast that sent Dick's stock tumbling more than 10 percent.

It reported net income of net income of $102.6 million, or $1 7 a share. That was down from $116 million, or $1.11 a share, a year earlier. The results matched Wall St. expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was also for earnings of $1 7 per share for the latest quarter.

The Coraopolis, Pennsylvania-based company posted revenue of $2.49 billion in the period, exceeding St. forecasts. Seven analysts surveyed by Zacks expected $2.48 billion. But that was down from $2.66 billion a year earlier.

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

For the year, the company reported profit of $319.9 million, or $3.24 per share. Revenue was reported as $8.44 billion.

Dick's expects full-year earnings to be $3.15 to $3.35 per share. The midpoint of that range is below Wall St.'s forecast of $3.33 a share, according to FactSet.

Its stock was down $4.20 to $34.69 in afternoon trading.



Make text smaller Make text larger

Comments

Pool Rules



MUST READ NEWS

Silicon Valley comes to Tuxedo, and there's music in those hills
Set in the bucolic hills of Sterling Forest lies a nondescript building where computer magic happens. A place where computers get their brains, their directions, their marching...
Read more »

Report: NY state agencies overtime pay highest in a decade
New York state agencies paid out $787 million in overtime for more than 18 million extra hours worked by state employees in 2018.
That's according to a new report released...

Read more »

Legislation would parole certain inmates at 55 if eligible
New York prison inmates would be eligible for parole once they reach 55 after serving 15 consecutive years under legislation being considered by the Democratic-controlled state...
Read more »
Image

NY seeks new bids for 4th downtown revitalization contest
New York state is seeking applicants for the fourth round of a contest that awards state funds for cities and towns looking to revitalize their downtowns.
Gov. Andrew Cuomo...

Read more »
Image

VIDEOS



Subscribe to our mailing list

* indicates required
Community Newspapers



MOST COMMENTED



Find more about Weather in Chester, NY