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Dick’s Sporting Goods Loses $150 million on Gun Control Crusade

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Their anti-gun activities continue to dig Dick’s a deeper hole. Huge losses signal that Dick’s is dead in sportsman’s eyes. READ MORE

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SOURCE: NRA-ILA

For the last year we’ve been reporting on the bizarre saga of Dick’s Sporting Goods’ transformation from a relatively functional purveyor of mainstream sporting goods to a groveling symbol of modern corporate virtue signaling. Last Friday, new evidence emerged of just how much that crusade has cost the retailer.

It hasn’t been a pretty story.

Dick’s CEO Edward Stack — with evident pressure from the media and anti-gun lobby — has embarked on an escalating series of policies to restrict the chain’s sale of guns, at one point a significant part of the company’s revenue stream.

Whether Stack had a sincere change of heart on the morality of his business model or whether he naively sought to protect his company with a futile attempt to appease a frothing mob that hates guns and capitalism with equal fervor is anyone’s guess.

But Stack went so far as to formally collaborate with the Michael Bloomberg-funded Everytown for Gun Safety and to sign a letter endorsing gun control bills pending on Capitol Hill. His company even retained corporate lobbyists to press Congress for additional gun control.

Needless to say, these moves resulted in Dick’s becoming synonymous with Benedict Arnold in the minds of well-informed Second Amendment supporters. Shoppers and major suppliers in the pro-gun community stopped doing business with Dick’s.

Now Bloomberg’s own media outlet, Bloomberg.com, is reporting that Dick’s itself estimates the price of its anti-gun advocacy at $150 million in lost sales in 2018, or almost 2% of the company’s annual revenue.

And while anti-gunners insisted they would reward Dick’s with increases in their own business, the same article mentions a new Stanford University study that casts doubt on that premise. According to that research, “Respondents said they were more likely to buy a product to support a CEO’s political stance than they were to boycott in disagreement, but their actions revealed the opposite.” The article continued, “When asked for specific examples, 69 percent could name a product they’d stopped buying, and only 21 percent could recall a product they started buying.”

So it seems, unsurprisingly, that being boastfully anti-gun is a dumb idea for a gun store, as is counting on the professed loyalty and support of anti-gunners (who, let’s face it, probably aren’t likely to be the most athletically inclined people and to need the other types of wares that Dick’s sells anyway).

Nevertheless, Stack remains defiant. “It was worth it,” the article quotes him as saying.

Easy for him to say when he’s successfully elevated his own perceived moral standing with his high-society peers by gambling with the money of his shareholders, who of course assumed much of the financial risk for Stack’s very public moralizing.

But make no mistake, Ed Stack remains a fabulously wealthy man, and the Dick’s retail empire remains big enough that it may successfully reshuffle its business model to remain viable.

But Ed Stack has done gun owners a favor by allowing them a myriad of opportunities to express their pro-Second Amendment commitments simply by avoiding any sort of purchase they may otherwise have made in his stores. Be it guns, ammunition, or even kayaks or baseball gloves, there are plenty of other outlets eager to serve the pro-gun public without condescending to them and collaborating with organizations that would take away their rights.

Dick’s corporate largesse may buy Ed Stack the fleeting admiration of the gun control and media elites.

But gun owners have long memories, and they will hopefully continue to add to the 150 million reminders they’ve already given Stack.

 

Dick’s Sporting Goods Sales Soft Following Anti-gun Efforts

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The payback continues after this major chain chose to ignore both the 2nd Amendment and its customer’s wishes. Here’s MORE

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SOURCE: NRA-ILA

Dick’s Sporting Goods has admitted that Chairman and CEO Edward W. Stack’s repeated attacks on law-abiding gun owners could be having a negative effect on the company’s bottom line. According to a press release reporting the company’s second quarter earnings results, “consolidated same store sales decreased 4.0%.” The document stated, “Factors that could cause actual results to differ materially from those expressed or implied in any forward-looking statements include, but are not limited to… negative reactions to our policies related to the sale of firearms and accessories.”

In February, Stack announced that Dick’s would stop selling certain configurations of semiautomatic rifles in its Field & Stream stores and stop selling standard capacity magazines entirely. The CEO also declared that Dick’s and Field & Stream stores would no longer sell shotguns and rifles to young adults ages 18 to 20. In May, Dick’s announced that it would destroy the stock of semiautomatic rifles it had chosen not to sell, rather than return the firearms to the manufacturers.

Stack’s high-profile decision to target long guns revealed his penchant for virtue-signaling, but also his ignorance on policy. Shotguns and rifles are rarely used in violent crime. A 2013 Department of Justice survey of research on semiautomatic bans determined that “a complete elimination of assault weapons would not have a large impact on gun homicides.” In a survey of gun research published earlier this year, the Rand Corporation found no conclusive evidence a ban on commonly-owned semiautomatic firearms would impact violent crime. Moreover, in some jurisdictions it is illegal for retailers to discriminate against young adults on the basis of age.

Not content to lead by example, Stack also took to the pages of USA Today to demand that federal lawmakers enact a raft of gun control measures that the American people have repeatedly rejected. Stack called for a federal ban on commonly-owned semiautomatic firearms and their magazines, prohibiting young adults from purchasing shotguns and rifles, and the criminalization of private firearm transfers. In order to impose Stack’s vision on all Americans, Dick’s hired three gun control lobbyists.

In response to Dick’s gun control efforts, in May the Board of Governors for the National Shooting Sports Foundation — the firearm industry trade group — voted to expel the company “for conduct detrimental to the best interests of the Foundation.” This was followed by firearms manufacturers Springfield Armory and O.F. Mossberg & Sons, and marketer MKS Supply announcing that they were cutting ties with the retailer.

Perhaps fearing that Dick’s’ poor sales figures might discourage other corporations from engaging in anti-gun activism at shareholders’ expense, CNN went out of their way to erect an alternative explanation. According to “the most trusted name in news,” investors should ignore Dick’s own admissions regarding the negative consequences of their gun control positions and blame stiff competition from online retailers and the store’s delicate relationship with one of its apparel brands for the inadequate performance.

Spin as CNN might, Stack predicted the negative consequences the anti-gun actions would have for his company. In a post-earnings call in March, Stack admitted, “The announcement we made two weeks ago regarding our firearms policy is not going to be positive from a traffic standpoint and a sales standpoint.”

With NSSF estimating the firearms industry’s economic impact at $51 billion, Stack’s March prediction was common sense. It’s unfortunate that Stack is unable to employ that same judgment to predict the obvious outcome of Dick’s ineffective gun control policies.

NEWS: Dick’s Living Up To Its Name!

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Dick’s Sporting Goods Solidifies Anti-Gun Reputation. Check this LINK HERE!