Dick's Sporting Goods to stop selling firearms at 125 stores

Dick's Sporting Goods to stop selling firearms at 125 stores

Dick's Sporting Goods is taking another step in tightening its gun sales.

The company replaced hunting equipment in 10 stores where it had underperformed with "more compelling" products late in the third quarter and said those stores had positive comparable sales in the following three months.

CEO Ed Stack said Tuesday that Dick's will pull hunting gear from 125 stores starting in around August in response to its slumping sales in those stores, Bloomberg reported, a move that may spread to more stores next year.

The announcement, coupled with continuing declines in same-store sales, jarred investors. Dick's now operates more 729 stores.

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Shares in the sporting goods store fell 11.2 percent, or $4.35, in Tuesday trading to close at $34.61.

Sales at Dick's Sporting have been pressured in the a year ago after it tightened its gun sales policy, banning sales of assault-style rifles and high-capacity magazines to people under 21 after a high school shooting in Parkland, Florida in February 2018. For the 125 additional stores, hunting floor space "will be replaced by merchandise categories that can drive growth, each based on the needs of that particular market", Stack said on the company's earnings call. It put restrictions on ammunition sales and discontinued the sale of military-style semi-automatic rifles and high-capacity magazines. The fourth quarter, including the holiday season, saw a drop of 2.2 percent in same-store sales.

The company said it will also stop selling some of its hunting gear.

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