The demise of Dick’s Sporting Bads is taking a little longer than I expected though it is progressing.
Since then sales at Dick’s have declined, despite a strong U.S. economy and consumer spending, Mr. Stack has blamed much of the decline on its stance on guns, saying some gun enthusiasts have stopped shopping at the chain.
For the fiscal year ended Feb. 2, same-store sales fell 3.1%. The company said it expects comparable sales to be flat to up to 2% this fiscal year. Dick’s predicted same-store sales will return to growth in the second quarter, but also set annual earnings targets that were below Wall Street’s forecasts.
Dick’s stock fell 9% to $35.24 in morning trading as the broader market was slightly higher. The stock had rallied about 25% since the start of the year.
Down, down, and away!