Dick's Sporting to stop selling hunting rifles in 125 stores, drops Reebok
- Dick’s Sporting Goods Inc said on Tuesday it would stop selling hunting rifles and ammunition at 125 stores and forecast 2019 profit below analysts’ expectations, sending its shares down 10 percent.
The company also said it would replace Reebok merchandise on its shelves with its new in-house private label apparel brand, pressuring shares of Nike Inc and Under Armour Inc, which count Dick’s as a major retail partner. Sales at Dick’s Sporting have been pressured in the last year after it tightened its gun sales policy, banning sales of guns, assault rifles and high-capacity magazines to people under 21 after a high school shooting in Parkland, Florida in February 2018.
The retailer will replace the underperforming hunting supplies category in another 125 stores in 2019 with more in-demand merchandise, Stack said.
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