Gun policy, Under Armour weakness hit Dick's Sporting sales

  • Source: Reuters
  • by:

Dick’s Sporting Goods (DKS.N) reported a bigger-than-expected drop in quarterly same-store sales on Wednesday and forecast further declines this year, hit by tighter gun controls and a drop in Under Armour sales. 

Shares in the company fell as much as 10 percent after it posted a 1.9 percent drop in same-store sales, bigger than analysts’ average estimate of a 0.62 percent dip. 

Dick’s was one of the first retailers to stop selling assault rifles and high-capacity magazines as well as bar the sale of guns to people under age 21 following a massacre at a Florida high school in February. 

The company had predicted that its hunting guns business would be pressurized by the change in policy but said the move should also attract more people to its stores.
Source: Reuters

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