Dick’s Sporting Goods reports $150 million in lost sales after halting assault-weapons sales
{{#rendered}} {{/rendered}}Dick’s Sporting Goods’ bottom line took a very big hit after halting the sale of assault-style weapons in response to the Parkland school massacre.
The policy change cost the nation’s largest sporting goods retailer about $150 million in lost sales, about 1.7 percent of annual revenue, Bloomberg News reported Friday.
But boss Ed Stack isn’t complaining.
{{#rendered}} {{/rendered}}“The system does not work,” Stack said, according to the news outlet. “It’s important that when you know there’s something that’s not working, and it’s to the detriment of the public, you have to stand up.”
DICK'S SPORTING GOODS LOSES FIREARMS BUSINESSES AFTER GUN CONTROL PUSH
Parkland gunman Nikolas Cruz purchased a shotgun from Dick’s a few months before the attack, which left 17 dead, including a number of students.
{{#rendered}} {{/rendered}}Stack also banned the sale of all guns to anyone under 21.
Still, the gun ban hasn't affected Dick’s stock price, Bloomberg reported.
Shares have climbed 14 percent in the 13 months since Parkland. Shares rose slightly Friday.
{{#rendered}} {{/rendered}}PAWN SHOP TROLLS DICK'S SPORTING GOODS WITH SIGN ADVERTISING AR-15'S
After the ban was announced, the National Rifle Association criticized Stack’s “strange business model,” according to Bloomberg.
Also, the National Shooting Sports Foundation kicked Dick’s out of the organization. Gun manufacturers liked Mossberg stopped do business with Dick’s.
{{#rendered}} {{/rendered}}Those who supported the ban promised to become Dick’s customers but did not stay the course.
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“Love is fleeting. Hate is forever,” Stack said.