Dick's Sporting to stop selling hunting rifles in 125 stores

Dick's Sporting Goods announced Tuesday it would stop selling firearms at 125 of its stores

Dick's Sporting Goods is taking another step in tightening its gun sales.

CEO Ed Stack said Tuesday that Dick's will pull hunting gear from 125 stores starting in around August in response to its slumping sales in those stores, Bloomberg reported, a move that may spread to more stores next year.

In the 10 test stores, Stack said sales rose in the most recent fiscal quarter amid an overall 2.2 percent drop in quarterly same-store sales.

The announcement, coupled with continuing declines in same-store sales, jarred investors.

Dick's was once a major vendor of firearms in the US, and though the industry was struggling before the decision, Stack has made it clear that the blowback hurt sales. Dick's shares fell as much as 11 percent, the most since August 2017, to $34.45 in NY trading.

Following a shooting in Florida in February 2018 that left 17 students and staff dead, Dick's hiked the minimum age to purchase a gun to 21 and prohibited the sale of AR-15 style rifles. The company's stock was down about 10 percent on Tuesday morning.

It was not immediately clear which stores would be affected, but Stack said firearms will be removed "in markets where the hunting category underperforms", according to The Wall Street Journal.

Dick's Sporting Goods, which has 729 stores in the United States, will continue selling hunting equipment in stores where demand is strong. Stack has expressed optimism about Under Armour going forward, and Dick's has now fully exited the electronics business.

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