Dick's Sporting Goods will stop selling firearms at some of its stores in another move to tighten its policies surrounding firearms sales.
The hunting gear will be removed this year from 125 additional stores where it does not sell well, he said. The change, which affects about 17 percent of the Dick's chain, follows a trial run previous year when Dick's removed hunting products from 10 of its stores. "For 2018, we delivered earnings near the high end of our expectations, which represents an 8% increase over a year ago". The fourth quarter, including the holiday season, saw a drop of 2.2 percent in same-store sales.
It reported net income of net income of $102.6 million, or $1.07 a share.
The Pennsylvania-based outdoor and sporting goods chain removed guns and hunting items from 10 stores past year as part of a trial.
It sales at stores opened at least a year - a key measure for retailers - fell 2.2 percent. That was down from $116 million, or $1.11 a share, a year earlier.
Last year Dick's announced it would ban sales of assault-style weapons after it was revealed the school shooter in Parkland, Florida had bought a gun from a Dick's.
The company's 2018 revenue was down nearly 2 percent to $8.4 billion, a dip that Stack has attributed to slower firearm sales, a change in Under Armour Inc.'s distribution strategy and weak performance in electronics sales. Seven analysts surveyed by Zacks expected $2.48 billion.
Analyst Neil Saunders, managing director of GlobalData Retail, commented that his data show that a lot of hunters and gun enthusiasts have migrated to retailers like Bass Pro and to smaller specialists in the wake of Dick's firearms decision, which has had an adverse impact on sales.
Dick's also said it's planning to enhance store experiences and focus on online sales.
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