Posted on 06/01/2018 4:22:02 PM PDT by Extremely Extreme Extremist
(CNN Money) — Back in February, Dick’s Sporting Goods made a bold decision to stop selling assault style rifles and high capacity magazines, and to raise the minimum age to purchase a gun to 21.
Executives there braced for pain. Instead they got good news.
Dick’s Sporting Goods stock price surged by as much as 27% after it reported stronger than expected quarterly sales and profit Wednesday.
It’s the first measure of their decision to pull away from some guns.
(Excerpt) Read more at boston.cbslocal.com ...
uhh... how about “New York Stock Exchange”. Take a look. The stock price has popped. You might not like it, but it is so.
Anyone taking bets on when they will ‘re-state’ their earnings?
I don’t see a 27% improvement in their story.
In fact, sales in stores will be flat or decling.
MarketWatch
Dick’s Sporting Goods Inc. dks-3.42% shares jumped 15% in Wednesday premarket trading after the retailer reported first-quarter earnings and revenue that beat expectations and raised its guidance. Net income for the quarter totaled $60.1 million, or 59 cents per share, up from $58.2 million, or 52 cents per share, for the same period last year. Adjusted EPS was 54 cents. Revenue was $1.91 billion, up from $1.83 billion last year. The FactSet consensus was for EPS of 45 cents and revenue of $1.88 billion. E-commerce accounted for about 11% of total net sales. Same-store sales fell 2.5% on a 13-week comparable basis, but 0.9% on an “unshifted” calendar basis. The FactSet consensus was for a 1.5% decline. For the full-year, Dick’s expects EPS in the range of $2.92 to $3.12, up from previous guidance of $2.80 to $3.00. Same-store sales are expected to be in a range of flat to a low-single-digit decline. The FactSet outlook is for EPS of $2.92 and a same-store sales decline of 0.6%. Dick’s Sporting Goods shares are up 6.1% for the year to date while the S&P 500 index spx+1.08% is up 0.6% for the period.
Exactly. There’s going to be an upturn in sales at most retailers before ANY big event like hloidays, season change and sporting events like, the super bowl.
Common sense, and tax cuts and more disposable income are playing an important part.
The financial reporting on this story is pure crap.
Two weeks after Dick’s stopped selling “assault” rifles, their stock price actually increased modestly to 35.
Over the next 11 weeks, the stock slowly drifted down to 30.
This week, the stock rose from 30 to 35, an increase of 17%.
In other words, it is right back where it started.
Yeah, I completely believe this./s Because nobody has an agenda to prove guns aren’t needed. This is merely some kind of financial monkeyshines, and smoke and mirrors.
Example, all the money Dicks spent on buying firearms and ammo inventory probably immediately ceased. They probably cut the staff in the gun department to near zero. They probably disposed of inventory. This and other things made them suddenly appear to be flush with cash ...and their stock naturally price went up.
No different than Romney buying companies, moving the pension fund to the balance sheet to bump the stock price, then get a big bonus based on a rise in stock price.
Whatever they did, it isn’t an honest increase in sales.
Right. Dick's also showed that they still can be profitable without selling mortars and RPG launchers.
Yep, bet they are listing the destroyed AR-15s as some kind of business loss, etc... this is a balance sheet game being used for propaganda.
They’ll die inside of 2 years, just like sports authority did.
Did they even sell semiautomatic rifles in the first place?
“uhh... how about “New York Stock Exchange”. Take a look. The stock price has popped. You might not like it, but it is so.”
A bumped stock price doesn’t mean business is suddenly booming. See also...”Mitt Romney”.
That’s right, but to the idiot media every gun is an assault rifle.
>>>assault style rifles<<<
I guess People have different ideas of “style”.
FAKE News. Who cares anyway but libtards who get a tingle when CNN thrills them?
I doubt it. Probably did stock buybacks to boost EPS, wrote off all the assault rifles they destryed, finagled the books to look good. Give it a year and lets look it up again. Remember Field & Streams is a part of Dicks.
Think of their profits if they still believed in the 2nd amendment!
“It said consolidated same-store sales decreased 2.5 percent, when adjusting for an extra week in 2017.”
Here’s the non-fake news. Buried in this story:
Never trust the lying media.
They neglected to mention that same-store sales were down and that is the indicator of future sales.
And in this story, the fake news keeps giving and giving:
Open Thursday: $38.54
Open Friday: $37.00
Close Friday: $35.35
And, for further comparison, Year ago (June 2, 2017 $41.01)
See-BS
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