Continuing to pursue the tightened gun policies that initially drove its stock down, Dick’s Sporting Goods (NYSE: DKS) has announced it will remove hunting gear from about 125 stores. The change, expected to begin August 1, will affect about 17 percent of the company’s stores. The announcement, coupled with continuing declines in same-store sales since 2017, is being credited with a nearly 11 percent decline in stock price yesterday. Dick’s closed at $34.45 on the NYSE, down $4.28/share.
Dick’s CEO and major shareholder Ed Stack has told the Wall Tree Journal that if the 125-store move “goes well” the company may remove hunting gear from more stores next year. Last month, Stack was one of four CEOs to sign a letter supporting a gun control bill recently passed in the U.S. House of Representatives. He has also joined the business council of Everytown, the nonprofit organization founded by Michael Bloomberg that advocates for gun control.
