Dick's Sporting to stop selling hunting rifles in 125 stores

Dick's Sporting to stop selling hunting rifles in 125 stores

Dick's Sporting to stop selling hunting rifles in 125 stores

Dick's Sporting Goods announced Tuesday that it will stop selling guns in more than 100 of its stores.

The retailer will drop hunting gear starting around August from about 125 stores where it is underperforming, Dick's CEO Ed Stack announced Tuesday.

The in-store sections will be replaced with "merchandise categories that can drive growth", he said.

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In February 2018, following the mass shootings in Parkland, Fla., Dick's ended the sale of assault-style rifles and high-capacity magazines and of all guns and ammunition to anyone under 21 years old. The change, which affects about 17 percent of the Dick's chain, follows a trial run past year when Dick's removed hunting products from 10 of its stores.

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.

After declining sales of hunting supplies in certain stores, Dick's Sporting Goods is considering no longer selling hunting supplies in select stores.

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Dick's net income totaled $102.6 million, or $1.07 a share, in the quarter, down from $116.0 million, or $1.11 a share, in the year-ago period which had one extra week.

For 2019, the company expects earnings in the range of $3.15 to $3.35, the mid-point of which comes below the average analysts' estimate of $3.34, according to IBES data from Refinitiv.

The company's 2018 revenue was down nearly 2 percent to $8.4 billion, a dip that Stack has attributed to slower firearm sales, a change in Under Armour Inc.'s distribution strategy and weak performance in electronics sales.

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"If it goes as well as expected, we would probably take another batch of stores next year", Stack said in Tuesday's earnings call. But that was down from $2.66 billion a year earlier. Shares in the sporting goods store fell 11.2 percent in Tuesday trading to close at $34.61.

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