The decision to side with the far left on gun control is costing Dick’s Sporting Goods more money than they planned. Apparently, insulting the majority of your clientele is bad for business. Who could have guessed?
The Wall Street Journal reports:
Dick’s Says Under Armour, New Gun-Sales Policy Dragged on Results
Dick’s Sporting Goods Inc. DKS -3.52% said weaker sales of Under Armour Inc. apparel and a decision to pull back from the hunting business dragged on the retailer’s latest quarterly results.
Comparable-store sales fell 4%, Dick’s said. Not adjusting for the 53rd week last year, the company’s same-store sales declined 1.9%.
The weaker-than-expected results bucked a trend in the retail sector, which largely has benefited from a surge in consumer spending fueled by a booming economy.
Consumer confidence for August, measured by the Conference Board’s consumer confidence index, was the highest its been in about 18 years. That sentiment, along with other factors, has powered companies such as Walmart Inc. WMT -0.41% and Target Corp. TGT +0.99% to their best quarterly results in more than a decade.
Dick’s said part of the company’s sales problems were a result of Under Armour’s decision to sell in more stores including Kohl’s.
Also hurting sales was Dick’s decision to tighten its policy on gun sales after 17 people were killed in a February shooting at a Parkland, Fla., high school. The retailer halted sales of any firearms to people under age 21 at all of its 845 Dick’s and Field & Stream stores, and stopped selling assault-style weapons at Field & Stream.
Will Dick’s reverse their policy as a result of this? It would make sense to do so, wouldn’t it?