Dick’s Is Tumbling, and Its Woes Have Nothing to Do With Guns
- Profit, revenue and same-store sales all missed projections
- CEO Ed Stack blames weak apparel revenue on Under Armour
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Dick’s Sporting Goods Inc. has vowed to limit sales of guns. Its problem, however, is poor sales of everything else.
Only weeks after winning accolades from gun-control advocates for ending sales of assault rifles at its Field & Stream stores, Dick’s posted a deeper-than-expected sales decline. Its stock sank the most in seven months Tuesday in the wake of the quarterly report, which reflected struggles with excess inventory and deep discounting.