Despite acknowledging on CNN last week that his decision to embrace the gun control movement will result in “people who don’t shop us anymore for anything,” Dick’s Sporting Goods CEO Edward Stack entrenched his company even further in the divisive debate this week by penning an op-ed for The Washington Post in which he called on Congress “to do something about guns.”
Stack’s op-ed comes amid troubling financial reports for his sporting goods franchise. As highlighted by Fortune last week, Dick’s is seeing a “deeper-than-expected” slow-down in sales basically across the board. Though Fortune stresses that it’s not gun sales that are really hurting the company, citing competition from online vendors as the key problem, it acknowledges that the company’s very public gun control stance is coloring consumers’ perspective.
“Dick’s Sporting Goods Inc. has vowed to limits sales of guns. Its problem, however, is poor sales of everything else,” Fortune reports. “Only weeks after winning accolades from gun-control advocates for ending sales of assault rifles at its Field & Stream stores, Dick’s posted a deeper-than-expected sales decline. Its stock sank the most in four months Tuesday in the wake of the quarterly report, which reflected struggles with excess inventory and deep discounting.”
Shares of Dick’s fell as much as 7.3 percent to $30.19 in New York, the biggest intraday decline since mid-November. They had climbed 13 percent this year through Monday’s close. … Same-store sales, a key metric, fell 2 percent in the period. Analysts had estimated a drop of 1.2 percent, according to Consensus Metrix. E-commerce sales rose 9 percent. – READ MORE
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