Dick's Sporting Goods to stop selling guns in 125 stores

Dick’s Sporting Goods will remove guns from 125 stores amid slumping sales

Dick’s Sporting Goods will remove guns from 125 stores amid slumping sales

Dick's Sporting Goods is going to stop selling guns in some of its stores.

Stack said that the company was "enthusiastic" about the year ahead and was adapting to meet consumers' "ever-changing needs".

The most recent financials show Dick's adjusted same-store sales dropped 3.1 percent in the 12 months that ended February 2 compared to the same period a year ago. "For 2018, we delivered earnings near the high end of our expectations, which represents an 8% increase over a year ago".

In the 10 test stores, Stack said sales rose in the most recent fiscal quarter amid an overall 2.2 percent drop in quarterly same-store sales.

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.

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There are Dick's Sporting Goods locations in Butler and Cranberry townships in Butler County. The report met Wall Street expectations of $1.07 earnings per share, according to analysts surveyed by Zacks Investment Research.

Dick's reported net income of almost $103 million, down from $116 million the year before.

The Coraopolis, Pennsylvania-based company posted revenue of $2.49 billion in the period, exceeding Street forecasts. But that was down from $2.66 billion a year earlier.

It sales at stores opened at least a year - a key measure for retailers - fell 2.2 percent. The store had legally sold a shotgun to Parkland school shooter Nikolas Cruz in 2017, although that gun wasn't used in the shooting.

Analyst Neil Saunders, managing director of GlobalData Retail, commented that his data show that a lot of hunters and gun enthusiasts have migrated to retailers like Bass Pro and to smaller specialists in the wake of Dick's firearms decision, which has had an adverse impact on sales.

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