Shocker, not. Pandering to the social justice warriors doesn’t guarantee they’ll boost your profits.
Sales at Dick’s Sporting Goods stores open for at least 12 months also tumbled by a bigger-than-expected 4 percent during the quarter. It was partly blamed on athleisure brand Under Armour, which has been moving into more low-price retailers like Kohl’s, frustrating companies like Dick’s that try to sell inventory at higher price points.
Under Armour shares were also falling Wednesday morning.
“As expected, sales were impacted by the strategic decisions we made regarding the slow growth, low margin hunt and electronics businesses, which accounted for nearly half of our comp decline,”CEO Ed Stack said in a statement. “In addition, we experienced continued significant declines in Under Armour sales as a result of their decision to expand distribution.”
Dick’s was also one of the first businesses in the U.S. to stop selling assault rifles and high-capacity magazines, and barred the sale of guns to customers under age 21 following the February massacre at a high school in Parkland, Florida. The company had predicted this move could hurt sales but also would draw more shoppers to its stores.
Stack said Wednesday he was confident sales would turn around as those challenges lessen.
Dick’s raised its profit outlook for the full year and now expects to earn $3.02 to $3.20 per share in 2018, up from a prior range of $2.92 to $3.12.
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