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Dick’s Sporting Goods shares up 18% due to strong earnings – despite backlash for halting gun sales

Dick’s Sporting Goods shares up 18% on the back of strong earnings – despite backlash for halting gun sales

  • Dick’s Sporting Goods saw 18% increase in its shares within the third quarter 
  • The company reported strong earnings despite the backlash it received for removing assault-style weapons from its stores in February 2018 
  • According to the company’s press release, net sales for the third quarter of 2019 increased 5.6 per cent to approximately $1.96billion

Dick’s Sporting Goods has seen an 18 per cent increase in its shares after reporting strong earnings, despite the backlash the company received for removing assault-style weapons from stores. 

According to the company’s press release, net sales for the third quarter of 2019 increased 5.6 per cent to approximately $1.96billion. The company’s operating earnings were up 33 per cent in the third quarter.

‘We saw increases in both average ticket and transactions, as well as growth across each of our three primary categories of hardlines, apparel and footwear,’ said Edward W. Stack, Chairman and CEO.

 

Dick’s Sporting Goods (file image) has seen an 18% increase in their shares after reporting strong earnings despite the backlash the company received for removing assault-style weapons from its stores

According to the company's press release, net sales for the third quarter of 2019 increased 5.6 per cent to approximately $1.96billion. The company's operating earnings were up 33 per cent in the third quarter

According to the company’s press release, net sales for the third quarter of 2019 increased 5.6 per cent to approximately $1.96billion. The company’s operating earnings were up 33 per cent in the third quarter

In February 2018, the Pennsylvania-based retailer made the decision to remove assault-style weapons from all of its more than 720 stores across 47 states. 

That decision came after the shooting at Marjory Stoneman Douglas High School in Parkland, Florida that left 17 dead and 15 injured in a brutal attack by a former student with an AR-15 rifle on February 14, 2018. 

At the time, the company faced some consumer backlash for removing the weapons from its shelves.

Stack also made the decision to halt the sale of firearms to anyone under 21, which resulted in a loss of $250million in sales. 

Earlier this year, the company announced that it would no longer sell hunting weapons in 125 stores after a 10-store test showed positive results. 

That decision came just weeks after the mass shooting in Dayton, Ohio, during which 10 people were killed and 27 others were injured.

Just a day before that shooting, a gunman opened fire at a Walmart in El Paso, Texas, killing 22 people and injuring 24 others. 

'We saw increases in both average ticket and transactions, as well as growth across each of our three primary categories of hardlines, apparel and footwear,' said Edward W. Stack (pictured), Chairman and CEO

‘We saw increases in both average ticket and transactions, as well as growth across each of our three primary categories of hardlines, apparel and footwear,’ said Edward W. Stack (pictured), Chairman and CEO

In February 2018, the Pennsylvania-based retailer made the decision to remove assault-style weapons from all of its more than 720 stores across 47 states. At the time, the company (store, file image) faced some consumer backlash for removing the weapons from its shelves

In February 2018, the Pennsylvania-based retailer made the decision to remove assault-style weapons from all of its more than 720 stores across 47 states. At the time, the company (store, file image) faced some consumer backlash for removing the weapons from its shelves

Read more at DailyMail.co.uk


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