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Dick’s Sporting Goods (DKS.N) reported a bigger-than-expected drop in quarterly same-store sales on Wednesday and forecast further declines this year, hit by tighter gun controls and a drop in Under Armour sales.
Shares in the company fell as much as 10 percent after it posted a 1.9 percent drop in same-store sales, bigger than analysts’ average estimate of a 0.62 percent dip.Dick’s was one of the first retailers to stop selling assault rifles and high-capacity magazines as well as bar the sale of guns to people under age 21 following a massacre at a Florida high school in February.
The company had predicted that its hunting guns business would be pressurized by the change in policy but said the move should also attract more people to its stores.
Dick’s said on Wednesday it expected annual same-store sales to decline by 3 percent to 4 percent, compared with a 0.3 percent decline in 2017.
CNN's coverage is titled "Dick's Sporting Goods' rough quarter had nothing to do with guns" but the Reuters story says the opposite:
“We had expected comp weakness in hunting and electronics, as well as continued pressure in Under Armour and less benefit from store maturation, but these trends caused more pressure than anticipated,” Telsey analyst Joseph Feldman said.
Other articles point out that Dick's is also facing pressure from Amazon and that Nike - their largest customer - is shifting toward more direct sales and away from retailers like Dick's. Wow, sounds like tough times ahead for them. Too bad.
If the analysts are saying .62% drop and you get 1.9% drop...that's 3x.
Oooof.
Now you're stuck with a bunch of real estate that isn't wildly profitable while your competitors are simply using automated warehouses to crank out sales. It's not a pretty picture.
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I heard on the radio noon news that Dicks is getting out of the hunting merchandise and will have only athletic and outdoor sportswear/gear by the end of the year.
qmti wrote:I heard on the radio noon news that Dicks is getting out of the hunting merchandise and will have only athletic and outdoor sportswear/gear by the end of the year.
That’s a great idea. Because urbane sophisticated millenials who wear such things all the time haven’t heard of Amazon yet.
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qmti wrote:I heard on the radio noon news that Dicks is getting out of the hunting merchandise and will have only athletic and outdoor sportswear/gear by the end of the year.
With luck they'll be out of those markets by the end of next year.