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Bang / Guns
See other Bang / Guns Articles

Title: Dick's shocked to find their gun sales plummeting
Source: HotAir
URL Source: https://hotair.com/archives/2018/05 ... ked-find-gun-sales-plummeting/
Published: May 31, 2018
Author: Jazz Shaw
Post Date: 2018-05-31 12:48:38 by Tooconservative
Keywords: None
Views: 3417
Comments: 25

Dick’s Sporting Goods seemed to think they finally had everything under control after their recent “assault weapons” announcements. After stopping sales of AR-15 style firearms they publicly announced their intention to destroy all of their remaining stock rather than selling it off to another vendor. They next doubled down by hiring a gun control lobbyist to work for them. Surely that would make all the hunters and sport shooting enthusiasts who frequent their stores happy, right? I mean, what could possibly go wrong?

They’ve found the answer to that question. This month they were forced to announce to their shareholders that gun sales had tanked and were not expected to recover any time soon… for some mysterious reason. (Business Insider)
Dick’s Sporting Goods decided to stop selling assault-style weapons after the tragic school shooting in Parkland, Florida. But cutting the product from its shelves has proven to be a drag on its business.

After the February shooting, Dick’s Chairman and CEO Edward Stack announced the company would stop selling assault-style rifles…

The sporting goods retailer showed a splendid first-quarter 2018 earnings report Wednesday, sending the stock up more than 20%, but gun sales weren’t a part of that success.

“Our firearms policy changes impacted our hunt business which saw an accelerated decline,” chief financial officer Lee Belitsky told analysts on the company’s conference call. “We expect these businesses to remain under significant pressure throughout the remainder of the year.”

Other aspects of their business are still doing well enough for overall profits to rise, but they’re just not moving anywhere near as many firearms (of any type) compared to previous quarters. Shareholders probably won’t be all that put off since a positive number is always better than a negative one. But Dick’s is still leaving money on the table here. How much better would their overall profit picture be if they’d stood their ground and continued selling the full range of guns rather than choosing to take a side in an ongoing political debate? (And it was clearly the wrong side for their target audience if you’ll pardon the phrase.)

If the store had decided to quietly discontinue carrying these weapons after the current stock sold out they might not have had this much of a problem. Yes, some people probably would have noticed and brought it up in the media, but it could have been framed as a business decision, with Dick’s saying that they felt the popularity of the product was dropping due to media pressure or something like that. Instead, they went in whole hog on the side of the gun control groups and launched a PR campaign to champion their position.

How did they not expect gun owners (and prospective buyers) to see that as a slap in the face? Sadly, Second Amendment rights have turned into a markedly divisive issue in national politics. Both sides are on edge and will likely be set off by any such slight. That’s a lesson that Dick’s is now learning the hard way. It may not put them out of business, but it’s going to be cutting into their bottom line for at least the foreseeable future.


Poster Comment:

They had a good quarter, probably due to running cut-rate sales on existing inventory just to hide how hard they're being hit by their gun policy.

It may also be the case that libs were more likely to buy some stuff from Dick's because of their gungrabber policy. They would see it as a way to strike back against the NRA and support a company who openly hired two gun-control lobbyists.

It seems likely that Dick's is capitalizing on future sales now and has been temporarily buoyed by Dems spending at their stores when they otherwise would not have. But that won't last if I'm right and subsequent quarters are likely to nosedive.

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#1. To: Tooconservative (#0)

The sporting goods retailer showed a splendid first-quarter 2018 earnings report Wednesday, sending the stock up more than 20%

Looks like Dick's made the right call.

Vicomte13  posted on  2018-05-31   13:02:55 ET  Reply   Trace   Private Reply  


#2. To: Vicomte13 (#1) (Edited)

Looks like Dick's made the right call.

We'll see if it lasts. I think they've cannibalized future sales to cover their staggering losses in guns/ammo/gear. And they probably have scored unexpected sales to anti-gun libs. But that won't last if I'm right.

It will be in the remaining quarters of 2018 that we'll find out who is right. Part of the current quarter happened before the big Dick's brouhaha over guns and they were having big sales already before it happened. Edit: nope, Dick's announced the policy on 2/28/18, before the current quarter began.

And even among the remaining sales that they could make with their new policy, some big vendors refuse to do business with them: Mossberg, MKS, Springfield Armory. Those are huge, huge names in gun market, all very big with sporting guns. Not being able to carry those brands will really hurt Dick's going forward. What are they gonna do, import Belgian pheasant guns that no one has ever heard of?

The war on Dick's ain't over, not by a long shot.

Tooconservative  posted on  2018-05-31   13:09:20 ET  Reply   Trace   Private Reply  


#3. To: Tooconservative (#2)

Turns out guns just ain't that big a part of the sports equipment business.

Dick's will do just fine.

Vicomte13  posted on  2018-05-31   13:22:19 ET  Reply   Trace   Private Reply  


#4. To: Vicomte13 (#3)

We'll see in subsequent quarters. Dick's is very unlikely to continue to do as well.

Tooconservative  posted on  2018-05-31   13:49:25 ET  Reply   Trace   Private Reply  


#5. To: Tooconservative (#4)

We'll see in subsequent quarters. Dick's is very unlikely to continue to do as well.

It's all useless in a vacuum.

Dick's performance has to be shown comparatively with peers, such as Outdoor World, Bass Pro Shops, and other competitors in the same space.

Go back a year before the change, and track the performance of all of them side-by-side during the same timeframe. That is meaningful.

Not the sort of analysis I'm going to do, because I'm not interested in investing in ANY sporting goods store. Still, to make a political point to me about Dick's and guns, somebody is going to have to do the work and present the comparative data that I want to see. I see right through efforts to manipulate data and present half-truths.

Vicomte13  posted on  2018-05-31   13:57:07 ET  Reply   Trace   Private Reply  


#6. To: Vicomte13 (#5)

Well, back in the Nineties, the boycott of S&W took a while before it really hurt them. Of course, they are still around today but they took a big hit for a number of years. Even today, about half of the gunbuying public just doesn't like them because of it, despite being sold to new owners.

OTOH, I tend to think that Dick's is not as big a target as S&W was when they cut that sleazy deal with Xlinton.

But weakening Dick's sales structurally over a course of years will hit home over the course of a few years. Dick's is a national brand store but their outlets are susceptible to regional competitors. If those regional competitors continue to carry a full line of guns, Dick's will suffer and their stock performance and ability to compete will visibly decline. More like a death by a thousand cuts than an ax falling suddenly.

Dick's has been hurt. There is no doubt of it. Whether they can weather it is an open question. I think not but I could be wrong.

Tooconservative  posted on  2018-05-31   14:42:02 ET  Reply   Trace   Private Reply  


#7. To: Tooconservative (#0)

" Dick's shocked to find their gun sales plummeting "

Man. The stupid is strong with this bunch !

Si vis pacem, para bellum

Rebellion to tyrants is obedience to God.

Never Pick A Fight With An Old Man He Will Just Shoot You He Can't Afford To Get Hurt

"If there are no dogs in Heaven, then when I die I want to go where they went." (Will Rogers)

AMERICA! Designed by geniuses. Now run by idiots.

Stoner  posted on  2018-05-31   16:30:41 ET  Reply   Trace   Private Reply  


#8. To: Tooconservative (#6) (Edited)

Well, back in the Nineties, the boycott of S&W took a while before it really hurt them.

If Dick's were a gun business, like Smith & Wesson, guns would be everything.

But once Sports Authority closed, Dick's became our convenient go-to sports store for gear (remember, in my house we're training an Olympian).

Truth is, the firearms portion of the store is 5% of the store's footprint, if that. The fishing section is at least four times as large (granted, this IS Connecticut, where every town is on the coast, a river or a lake), the baseball and soccer and sport shoes and sections are most of the store.

I don't think that guns are a major component of Dick's business, and they DO still sell guns. I don't think that guys who want to buy guns come to Dick's. They go to the gun shops.

For that reason, I just don't think that changing their gun mix and making a loud political statement hurt them at all. It probably helped with all of the soccer moms and triggered young liberals buying all of that sporting equipment and clothing, and while it hurt the gun buyers, guns are a low- margin business, and it's only 5% of the store's footprint.

In other words, I think Dick's profits will probably be permanently increased by their stance, and that it will be one of those things hailed (manipulatively) as a success of the anti-gun lobby.

Remember, please, that I am not passionate about the gun issue either way, so I'm about as neutral an observer as you can get on this subject, at least on this website.

Vicomte13  posted on  2018-05-31   17:32:03 ET  Reply   Trace   Private Reply  


#9. To: Tooconservative (#0)

I've been to Dick's one time. It's an overpriced outdoors-man outlet for yuppies with money. In other words, a bunch of dicks.

Fred Mertz  posted on  2018-05-31   17:47:36 ET  Reply   Trace   Private Reply  


#10. To: Fred Mertz (#9)

I've been to Dick's one time. It's an overpriced outdoors-man outlet for yuppies with money. In other words, a bunch of dicks.

I am not big on sporting goods but I like other big stores better. But they do focus more on outdoors recreations than on sports.

Tooconservative  posted on  2018-05-31   18:00:28 ET  Reply   Trace   Private Reply  


#11. To: Vicomte13 (#1)

I wonder who Dicks sold the orders of their "assault rifles" to, and how much the difference between wholesale to them, then wholesale out was. I am thinking they made a killing.

THIS IS A TAG LINE...Exercising rights is only radical to two people, Tyrants and Slaves. Which are YOU? Our ignorance has driven us into slavery and we do not recognize it.

jeremiad  posted on  2018-05-31   20:06:35 ET  Reply   Trace   Private Reply  


#12. To: jeremiad (#11)

I wonder who Dicks sold the orders of their "assault rifles" to, and how much the difference between wholesale to them, then wholesale out was. I am thinking they made a killing.

They actually destroyed their entire stock of ARs.

Tooconservative  posted on  2018-05-31   20:13:04 ET  Reply   Trace   Private Reply  


#13. To: Tooconservative (#12)

Says Dicks representatives? I would want to see the chain of custody on those Federal regulated items.

THIS IS A TAG LINE...Exercising rights is only radical to two people, Tyrants and Slaves. Which are YOU? Our ignorance has driven us into slavery and we do not recognize it.

jeremiad  posted on  2018-06-06   19:01:07 ET  Reply   Trace   Private Reply  


#14. To: jeremiad (#13) (Edited)

Says Dicks representatives? I would want to see the chain of custody on those Federal regulated items.

I wondered that myself. They did state repeatedly they were destroying the entire stock of AR-15 guns and accessories.

But no one saw them do it, no one asked how they were going to do it, etc.

So it seems a little suspicious. Maybe they just claimed that to virtue-signal their fellow-libs but then quietly disposed of the items via third parties. If so, that liquidation of high-dollar firearms/accessories would contribute to the high earnings they just posted. But how would they hide that on their books? Maybe they could but it seems very risky. Any employees who knew about it would be able to blackmail them over it.

I do know that a lot of gun shops get deals with gun manufacturers. A local gun shop guy told me how a few big-name gun makers wanted to stock his shelves for him, no money down, but he had to exclude their competitors. They wanted his shelf space but only if he would exclude the competition. And they would just park the guns there and he wouldn't have to pay them for the guns unless he sold them.

So it could be that Dicks returned their unsold inventory to the gun makers quietly and then destroyed some shop-worn demo units that they allowed the public to handle and inspect prior to purchase.

. . .

Following the decision to pull modern sporting riles from Field & Stream stores, it was unclear what Dick’s would do with the weapons it held in inventory. Typically, a retailer like Dick’s can return unsold merchandise to the manufacturer for a refund or a credit.

Instead, Dick’s has decided to destroy the rifles at the company’s distribution centers and send the parts to a salvage company to be recycled, reports the Post-Gazette. The company did not say how many rifles would be destroyed.

In addition to its policy on AR-15 sales, Dick’s said in February it would stop selling high capacity magazines or sell firearms to anyone under 21 years old. The company is facing two lawsuits over the additional age restriction.

Tooconservative  posted on  2018-06-06   19:17:44 ET  Reply   Trace   Private Reply  


#15. To: Vicomte13 (#1)

You’ve come out of the libtard closet. Your posts over the last 6 months have been very telling.

RimJob was smart to ban you from his RINO wheelchair site.

I'm the infidel... Allah warned you about. كافر المسلح

GrandIsland  posted on  2018-06-06   21:07:27 ET  Reply   Trace   Private Reply  


#16. To: GrandIsland (#15)

You’ve come out of the libtard closet. Your posts over the last 6 months have been very telling.

I was never in any closet. I have always been forthright about what I believe about everything and anything, not shy about it, not afraid to express it.

I have thought through my positions and know why I am where I am. Hardly any of it is tribal. The one tribal thing in me, I suppose, is that, all else being equal, I favor the French. All else is rarely equal, so that has no practical effect on anything other than where I go on vacation, or whose side I'm on when reading a history book.

Vicomte13  posted on  2018-06-06   21:14:57 ET  Reply   Trace   Private Reply  


#17. To: GrandIsland (#15)

RimJob was smart to ban you from his RINO wheelchair site.

No, he was a fool. He has flipped and flopped all over the place, and ended up in my position on a great number of things.

My positions have always been ethical, and consistent - other than when I go nuts with anger for a moment or am having fun being evil. One can always tell that when I go full napalm crazy that my gyro has tumbled for a moment. Once I calm down, the needle snaps back to due north.

FreeRepublic banned me for criticizing George H.W. Bush, a president who deserves criticism for what I criticized him for: lying about raising taxes.

Vicomte13  posted on  2018-06-06   21:26:57 ET  Reply   Trace   Private Reply  


#18. To: Vicomte13 (#17)

FreeRepublic banned me for criticizing George H.W. Bush,

And that’s why Goldi and the other paultards embraces a liberal with open arms.

I'm the infidel... Allah warned you about. كافر المسلح

GrandIsland  posted on  2018-06-06   21:38:03 ET  Reply   Trace   Private Reply  


#19. To: Tooconservative (#14)

Anyone with knowledge of where the weapons ended up would likely be higher up in the food chain, and have retirement and/or a great job to lose. It will come out in a couple of years. After the next economic downturn, some older person will be let go when they wanted to stay, and will write a book or something.

THIS IS A TAG LINE...Exercising rights is only radical to two people, Tyrants and Slaves. Which are YOU? Our ignorance has driven us into slavery and we do not recognize it.

jeremiad  posted on  2018-06-06   21:44:54 ET  Reply   Trace   Private Reply  


#20. To: GrandIsland (#18)

And that’s why Goldi and the other paultards embraces a liberal with open arms.

So, I'm a "liberal"? Ooooooo. SCARY!

You think I'm a liberals. The liberals think I'm a Nazi. I think both sides are children.

Vicomte13  posted on  2018-06-06   23:43:21 ET  Reply   Trace   Private Reply  


#21. To: jeremiad (#19)

Anyone with knowledge of where the weapons ended up would likely be higher up in the food chain, and have retirement and/or a great job to lose. It will come out in a couple of years. After the next economic downturn, some older person will be let go when they wanted to stay, and will write a book or something.

Even so, you would think that some of the Dicks employees at their various retail outlets would be leaking info about what Dicks was up to, how many guns they shipped elsewhere, who this alleged "salvage company" is, whether the guns were destroyed or maybe disassembled and sold as parts, etc.

There's a story there. Now that I think about it, it is surprising that no one is hot on the trail of these supposedly destroyed guns.

Tooconservative  posted on  2018-06-06   23:57:49 ET  Reply   Trace   Private Reply  


#22. To: Tooconservative (#21) (Edited)

Now that I think about it, it is surprising that no one is hot on the trail of these supposedly destroyed guns.

You know why they're not. Same reason nobody's on the trail of those billions that the Clintons raised "for Haiti". Virtue was signaled, the mission was accomplished, no need to incur financial cost.

Vicomte13  posted on  2018-06-07   8:19:27 ET  Reply   Trace   Private Reply  


#23. To: Vicomte13 (#22)

You'd think someone would troll a few hundred dollar bills in front of a warehouse clerk or worker. It would be just too juicy if Dicks was caught lying about destroying them all.

These are regulated guns. They have to have paperwork on them.

Tooconservative  posted on  2018-06-07   8:28:46 ET  Reply   Trace   Private Reply  


#24. To: Tooconservative (#23)

You'd think someone would troll a few hundred dollar bills in front of a warehouse clerk or worker. It would be just too juicy if Dicks was caught lying about destroying them all.

These are regulated guns. They have to have paperwork on them.

Truth is, if you troll a few tens of thousands before a warehouse clerk you can get an affidavit about how the boss sold guns to ISIS.

It's not that hard to buy whatever testimony one wants.

Vicomte13  posted on  2018-06-07   13:31:11 ET  Reply   Trace   Private Reply  


#25. To: Vicomte13 (#24)

Truth is, if you troll a few tens of thousands before a warehouse clerk you can get an affidavit about how the boss sold guns to ISIS.

I'm just saying all these gun sites, they should have found a way to get to a warehouse guy at Dicks and get the info on what exactly happened. Did they give all the NIB guns back to the manufacturer and destroy a few counter demo models? Did they actually ship them all off to be destroyed (along with the FFL paperwork)? Did they sell them to a salvage company who is disassembling them and selling off the used parts?

It would make a good story. Yet no one seems to be asking exactly what Dicks did with all those regulated firearms they claim to have destroyed.

Tooconservative  posted on  2018-06-07   14:03:30 ET  Reply   Trace   Private Reply  


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