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Dick Sporting Good's pro-gun control policies are hurting business — and the future remains bleak

Business
Dicks Sporting Goods has seen steep losses in its firearm and hunting business, the company admitted last week. (Scott Olson/Getty Images)

Dick's Sporting Goods announced last week its new policy barring the sell of "assault-style" weapons in all its stores has done considerable damage to key areas of the company's business.

Unsurprisingly, the policy change has severely damaged the outdoor retailer's firearm and hunting sales.

What are the details?

According to the Washington Free Beacon, company executives did not explain how much its firearms and hunting business declined, but confirmed the steep declines are directly related to the firearm policy change.

"As expected, our firearms policy changes impacted our hunt business which saw an accelerated decline in an already challenged category. We expect these businesses to remain under significant pressure throughout the remainder of the year," Dick's CFO Lee Belitsky told analysts on an earnings call.

Dick's CEO Edward Stack elaborated that he doesn't expect the firearms or hunting segments to improve this year.

"We expect, based on our firearms policy, it's going to continue to be challenged through the balance of the year. We don't see a big change," he explained. "There's a number of things that are yet to be determined. The one thing we do know is that it will continue to be challenged."

Despite the policy change damaging Dick's firearms and hunting business, the company reported strong overall earnings.

Dick's announced in February, following the tragic massacre at Marjory Stoneman Douglas High School, that all its stores would cease selling "assault-style" firearms, such as AR-15s.

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