[Rushtalk] Appeaser Dick’s CEO: Decline in Gun Sales May Force Closure of Field and Stream Stores

Carl Spitzer {C Juno} cwsiv at juno.com
Mon Dec 10 13:31:15 MST 2018


Seems making bargains with fascists and loosing money is OK.
If I were a stock broker I would be dumping them big time.


Dick’s CEO: Decline in Gun Sales May Force Closure of Field and Stream
Stores 

By Jack Crowe

December 6, 2018 5:39 PM 

 Dick’s Sporting Goods in Stroudsburg, Pa. (Eduardo Munoz/Reuters) 

The CEO of Dick’s Sporting Goods told investors in September that
gun-purchasing restrictions the company imposed earlier this year have
negatively affected its sales to a point where it may be forced to close
its Field & Stream outlets.

In remarks made to the Goldman Sachs Retailing Conference and first
reported by the Washington Free Beacon, CEO Edward Stack explained that
the 3.9 percent decline in the company’s sales during the third quarter
could be partially attributed to its ban on the sale of assault-style
rifles and on the sale of all firearms to customers under 21 years old —
both of which were implemented in the wake of the Parkland shooting in
February.

“Well I think it’s definitely a factor, and it’s nothing that we didn’t
anticipate,” Stack said of the sales downturn during the call. “As we
put out kind of our guidance for the year and our earnings guidance for
the year, we knew this would happen when — we’ve made some decisions on
firearms in the past and we’ve had a pretty good idea of what these
consequences were going to be. We felt that was absolutely the right
thing to do. We would do the same thing again if we had a mulligan, so
to speak, to do it again.”

In addition to the firearm-purchasing restrictions, Dick’s also hired a
number of Washington, D.C. lobbyists in May to advocate for
more-stringent gun-control regulations. Taken together, the restrictions
and the lobbying effort led the National Shooting Sports Foundation to
expel Dick’s and caused a number of major gun manufacturers to sever
ties with the retailer — developments that Stack admitted were
detrimental to its third-quarter performance.

“So, we’ve had some vendors who’ve decided based on our decision to not
sell the assault-style rifle that was used in the Parkland shooting that
they wouldn’t sell us any longer,” Stack said. “So, as you know, there’s
been some people who said we’re not going to sell you any firearms
anymore. We’re not going to sell you our product. We’ve had some other
people who’ve indicated that they wouldn’t shop with us any longer.”

Comments 
While Stack’s comments regarding the decline in sales echoed remarks
made last week by the company’s CFO, his admission that Dick’s may be
forced to shutter 35 Field and Stream outlets nationwide marked a new
development in the story.

“My sense is that we can either take a look at closing that store, that
concept, or re-conceptualizing it into a more of an outdoor-type
concept. And we’re taking a look at all of these things and by the end
of . . . the third and the beginning of the fourth quarter and as we
move into the end of the fourth quarter, we’ll make a decision as to
what we’re going to do,” Stack said.




https://www.nationalreview.com/news/dicks-sporting-goods-gun-purchase-restrictions-hurt-sales/?fbclid=IwAR1urEbk5ucudxlYSKmM5OxvILRRockBraRoHHZrq_hn3vOxS-lYbMd4a-A

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