Posted on 03/23/2018 7:30:16 AM PDT by Behind Liberal Lines
Dick’s Sporting Goods has suffered a surprisingly steep downturn in sales since promising to sell fewer guns, but the problem isn’t the gun sales, Fortune says.
Stock tumbled to the lowest in four months after the sports store banned assault-style weapons from its Field & Stream stores and raised the minimum age for a customer to buy a firearm from 18 to 21....
“There’s going to be some pushback and we expected that,” said CEO Edward Stack, in an earnings call with Wall Street analysts, according to CNN. “There are going to be the people who don’t shop us anymore for anything.”
The decision is “not going to be positive from a traffic standpoint and a sales standpoint,” Stack predicted.
The company’s shares fell 7.3 percent after going up 13 percent this year. Sales failed to hit the projected $2.74 billion, tapering off at $2.66 billion for this quarter.
(Excerpt) Read more at nationalreview.com ...
Good. Let them sink out of business.
Does the CEO of this multi-billion dollar company understand the purpose of a business?
Perhaps he’s better suited working for a not-for-profit.
Does the CEO of this multi-billion dollar company understand the purpose of a business?
Perhaps he’s better suited working for a not-for-profit.
Shrinkage.
It was late in the quarter when they re-jumped on the gun control wagon. Let’s see what this new quarter brings them. Probably more than just a 7% drop.
I like that!!
But this CEO Stack should also lose his job over this.
His job is not to dive into some liberal gun control controversy and side with the gun-grabbers.
His duty as the chief executive is to maximize profits for the shareholders, which he's clearly not done in this case.
Academy Sports is building a huge store here in Columbus, GA, just down the road from Dicks, I believe Dicks will be going bye, bye real soon...
//// “See Dick sell goods. See Dick get political. See Dick sales plummet. Don’t be a Dick.” /////
LOL! Perfect humor for this morning!
Dick’s Sporting Goods has suffered a surprisingly steep downturn in sales since promising to sell fewer guns....
...
Surprisingly? I don’t think so....
Then you openly admit to violating your fiduciary duty, and are subject to the consequences, both criminal and civil.
“not going to be positive from a traffic standpoint and a sales standpoint,” Said the CEO who runs a retail store chain whose main focus is shareholders, customers and employees. You can’t make this stuff up.
What board in the retail space hires a douche with a business strategy that calls for alienating over half of your customer base? I am still going to go into Dick’s for sizing and gear questions, but when I need to buy I will just go online, keeping all of my business away from them.
Yes! I didn’t know there was an organized boycott, but very good to hear that people are voicing their displeasure by shopping elsewhere. I’ve only been in their local store twice, mostly empty of people, didn’t have what I was looking for. Easy to skip them. Hopefully a few closing signs this summer. Wonder if the CEO makes it that long?
Yes, customers are blowing them off..................
LOL
“Yes. But they had to buy the gun at Cabela’s...”
But maybe not for long now that Cabela’s is owned by Bass Pro Shops.
The problem is the CEO likely has not money stake in the company. He gets paid as an employee. Very different when it is your money at stake.
Wait!! How can this be?? Rahm Emmanuel went to a “dicks” store in Illinois to show support and purchased a pair of running shoes!! Wow, what an effort. Thats the ticket!!
“Does the CEO of this multi-billion dollar company understand the purpose of a business?”
He does when he got to be CEO “the old fashioned way,” his father, Dick, gave it to him! In this case, it appears that the apple did indeed fall far from the tree.
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