Posted on 05/30/2018 10:05:52 AM PDT by yesthatjallen
Shares of Dick's Sporting Goods soared on Wednesday after reports the company's first-quarter earnings exceeded expectations, swaying investors' fears that its new restrictions on gun sales would hurt profits.
The sports store's shares surged by 23 percent when markets opened on Wednesday, as last quarter's $1.91 billion in sales toppled estimates from last year, which had projected $1.88 billion, CNBC reports.
While same-store sales reportedly dropped by 2.5 percent due to declines in hunting and electronic sales, investors had worried that the company's move to stop sales on assault-style weapons would cause greater damage.
Dick's moved in February to pull the rifles from shelves just days after 17 people were killed in a South Florida high school by a shooter armed with a semi-automatic.
Etc...
(Excerpt) Read more at thehill.com ...
Too bad, I was hoping they would be swirling the drain by Christmas.
A 2.5% drop in same-store sales ain’t chopped liver.
Most investors however are apparently too STOOOOOPID to look at same-store sales when evaluating retail stocks.
They cooked the books.
The uptick in sales could be attributed to people who approve of the ban making a point to shop there. Lets see the long-term trend as that effect wears off...
I was thinking they cooked the books too. They’re Dicks after all.
Retailers are never NOT cooking the books.
(I know. I used to participate in their employee bonus plans)
Right. I never bought guns there but I DID buy a lot of workout/sports equipment on a near bi-weekly basis that I don’t anymore and I know I’m not alone.
Sales are not revenue.
How’s revenue?
So now they COOK THE BOOKS. Talk about double downing!
I’m not necessarily surprised. The times I was in Dicks at least 60% of the floor space was devoted to expensive “sport” clothing like Patagonia, North Face and Columbia. I think they are going for the lib hiking crowd and suburban house wives buying said clothes and kids sports gear (ball gloves, basketballs, etc.)
Let’s see what the amount they send to their share holders in dividends is.
They advertise a lot during golf tournaments. Maybe they do a lot in golf-related gear.
Getting Dicked means being overcharged for “sporty looking” clothing. They’ve never had a meaningful firearms department, tho the potential is clearly there for a very good business.
They are a snowflake sporting goods store where gun sales probably are not their big sales market. I’ve NEVER known anyone that ever went there to buy a gun even before they doubled down on the extra stupid mentality.
“The uptick in sales ...”
The arrival says same store sales were down.
I predicted that someone like you would post your comment by number 3 - so it took a few more. Too hard to hear truth, you assume it can only be true because it is a lie. However, too many people would have to participate for something like that to work and to release fake numbers is actually a criminal offense now because of Sarbanes-Oxley - something that I doubt anyone at Dick’s would think it would be worthwhile to do - so make up another excuse.
I don’t recall seeing ARs for sale at Dicks 3-4 years ago when I actually was in one of their stores.
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