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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: 3141
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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Begin Trace Mode for Comment # 22.

#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   Untrace   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.

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


#13. To: Tooconservative (#12)

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

jeremiad  posted on  2018-06-06   19:01:07 ET  Reply   Untrace   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   Untrace   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.

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


Replies to Comment # 22.

#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 08:28:46 ET  Reply   Untrace   Trace   Private Reply  


End Trace Mode for Comment # 22.

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