In the wake of the Parkland, FL high school shooting back in February, Dick's Sporting Goods made to tighten their policies on gun purchases by raising the minimum age of purchase from 18 to 21. Some conservative commentators saw this as Dick's conceding to the left and working to strip away constitutional rights. Dicks even lost membership to sporting associations.
Earlier this month, Dick’s was expelled from membership in the National Shooting Sports Foundation due to “conduct detrimental to the best interests” of the firearms trade association.
Despite the negative reaction from many gun enthusiasts, most logical people said, "Yeah, that's probably a good idea. Thanks for doing the right thing."
Regardless of what political commentators on either side of the aisle thought about the move, most on Wall Street agreed that this would likely have an adverse effect on Dick's sales numbers, which in turn led to Dick's seeing a drop in stock price over the past months. Despite what the investors and analysts predicted, Dick's saw a profit increase of 3.2% and a total sales increase of 4.6% in the quarter. Some may attribute this to Dick's engaging in corporate social responsibility which in turn lead to the sales increase, but I have a theory the ongoing Lebron vs. Jordan GOAT debate has led to an increase in shoe and basketball sales throughout the chain.
The stock price has seen a huge boost throughout the day as Dick's is up - hehe- over 25% since their closing price yesterday. It'll be interesting to see how the restriction affects sales throughout the fall, given that most hunting seasons begin in the fall and Dick's see their biggest growth in outdoor activity sales during that period. They only raised the purchasing age 3 years which wouldn't shouldn't limit them from the majority of their target market, but for some reason, certain groups of gun owners may take responsible corporate policies as an attack on their personal liberties, so who knows what the result will be.
Secret Intern Diary: I ran into my first group of interns last night, and I was teeming with excitement just to meet the prospective stars of the show this summer. Me and my brethren bonded over the trials that we will undergo this summer in our struggle to making a lasting impression and ultimately, to have our names remembered by our employers. Half the office currently calls me Chad which is better than, "Intern", so I can't reallycomplain.