Dick’s stock dips amid news store could drop hunting gear
Dick’s Sporting Goods saw a dip in stock Thursday, one day after an earnings call in which the company’s CEO talked about dropping hunting gear from its stores.
Dick’s chairman and CEO Edward Stack said the company’s revenue declined 4.5% and that sales were “negatively impacted by continued weakness in hunt and electronics.”
Earlier this year, Dick’s stopped selling assault-style weapons after the deadly Parkland school shooting. It also stopped selling guns to people under the age of 21.
In Wednesday’s call, Stack said that the company removed virtually all of its hunting products from 10 stores in the third quarter fo this year, replacing it with “more compelling assortments and categories such as baseball, licensed products and outer wear.” He said it was too early to discuss performance, but that he was optimistic that the changes will “better serve the athletes in these communities.”
At the closing bell Thursday, Dick’s stock was down 1.74 or 4.67%. That was due, in part, to a downgrade from analysts at J.P. Morgan.
COPYRIGHT 2020 BY KXLY. ALL RIGHTS RESERVED. THIS MATERIAL MAY NOT BE PUBLISHED, BROADCAST, REWRITTEN OR REDISTRIBUTED.