Dick's confirmed that it's foot traffic and sales have gone limp...
Via Market Watch:
Dick's Sporting Goods Inc. said its decision to no longer sell guns to anyone under 21 years old has hurt traffic and retail sales as the move upset some customers and exacerbated headwinds to its hunting and gun business.
Last month, after a Parkland, Fla., high-school shooting left 17 people dead, Dick's and Walmart Inc. were among retailers that announced age restrictions on gun sales.
Tuesday, Dick's said it was surprised by the "outpouring of support" for its new gun policies but also said that some customers were choosing to shop elsewhere.
"Some of those customers that buy firearms, buy other things also," Dick's Chief Executive Edward Stack told analysts on a conference call. "There are just going to be some people who just don't shop us anymore for anything"...
...Dick's said its hunting business posted negative comparable-store sales and expects the challenges to continue this year, with its new gun policies being an additional burden.
Shares fell 2.5% in midday trading Tuesday as the company reported a comparable-store sales decline of 2% in its latest quarter. Analysts polled by Consensus Metrix had expected a 1.2% decline.
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