In the aftermath of the Parkland High School shooting, Dick's Sporting Goods enforced corporate gun control on itself announcing it would take assault-style rifles off its shelves. The move has led to drastic sales losses prompting the company to remove "hunting products" entirely from certain stores.
One conservative shareholder confronted the company's CEO Edward Stack about the share prices falling after it announced its new gun policy and urged him to reconsider. Vice president of the National Center for Public Policy Research David Almasi brought up that gun sales restrictions were hurting the company but says Stack "dug his heels in."
Related coverage: <a href="https://thegoldwater.com/news/21262-Dick-s-Sporting-Goods-Gun-Policy-Backfires-As-Stocks-And-Sales-Drop#21277">Dick's Sporting Goods Gun Policy Backfires As Stocks And Sales Drop</a>
Almasi was at the shareholder meeting as a representative of the conservative think tank’s Free Enterprise Project. The think tank focuses on free-market investor activism. "They were very unhappy that I was bringing up the fact that their sales have been down ever since they made the decision to do so in late February," Almasi said on Thursday. "Ever since, they’ve been losing money."
Dick's executives previously warned that hunting sales would suffer as a result of their new "woke" gun policies. The company expects sales to fall by 3-4% for the year, a massive drop in sales compared to the 0.3% drop from the previous year. Dick's CEO changed the stores' policy to prohibit the sale of firearms to anyone under the age of 21 and pulled all AR-15 rifles from its shelves.
Related coverage: <a href="https://thegoldwater.com/news/20054-20-Year-Old-Sues-Dick-s-and-Walmart-for-Age-Discrimination-in-Selling-Guns">20-Year-Old Sues Dick’s and Walmart for ‘Age Discrimination’ in Selling Guns</a>
Despite the declining sales, Almasi said he was the only one at the meeting who "stood up for gun owners and the right to shareholders who support the idea that a sporting goods store should be selling guns." I hate to bring up the term but it really is the textbook example of "get woke, go broke".
Almasi added, "There’s no way this chain is going to get out of it, and unfortunately, they’re going to have to ride this down. Because they’ve had three earnings calls where they’ve said this has hurt their business. But they’re not going to make any waves changing it."
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