Remember when Dick’s Sporting Goods used to be a major firearms retailer? Then they went woke, first banning the sales of the most popular self-defense long guns and the magazines that feed them. They even destroyed their inventory instead of sending them back to the wholesalers.
No so long after, they began phasing out guns altogether, costing the company a quarter of a billion (with a ‘b’) dollars. At the same time, while they turned their backs on gun owners, they began supporting organizations like Black Lives Matter and other supporters of “defund the police.”
Now, with guns pretty much erased from their stores, they have a new problem: theft. It seems Dick’s “shrinkage” – a polite, politically correct word for retail theft and shoplifting – is costing the company dearly. In fact, it led to a more than 25% collapse in the company’s stock price Tuesday after the company warned of missed sales expectations.
That’s no bueno.
It marked the biggest plunge in share prices ever for the super-woke retailer. And nobody’s snapping up shares at the new, (much) lower price:
Tissue please. ZeroHedge has the terrible news…
Dick’s Sporting Goods Inc. shares plunged 24% at the cash session open — the most on record — because of “shrinkage.”
Dick’s Sporting Goods Inc. shares crashed Tuesday in premarket trading in New York after the largest sporting goods retailer cut its full-year profit forecast due to rampant thefts at stores nationwide.
Dicks reported $2.82 per share in adjusted profit for the second quarter, which ended in July, on sales of $3.22 billion. Analysts tracked by Bloomberg estimated $3.81 per share on $3.24 billion – a sizable miss.
Dick’s blamed “elevated inventory shrinkage” for it missing its earnings guidance (from the ZeroHedge story):
…our Q2 profitability was short of our expectations due in large part to the impact of elevated inventory shrink, an increasingly serious issue impacting many retailers.
And the story closed with this . . .
There was also a report from Bloomberg that Dick’s plans to fire 250 corporate employees in a cost-savings move.
No doubt the company’s virtue-signaling corporate leadership who decided they’d rather side with Black Lives Matter and “defund the police” social justice warriors over America’s hard-working gun owners won’t be among those who are canned.
The soaring thefts at Dick’s stores seem less shocking when considering that The DICK’s Sporting Goods Foundation and its partner The Beyond Sport Foundation have “supported the protests to ensure that black lives matter.” Many of these social justice protests have championed the call to defund the police. Now, years into this grand experiment of progressive utopia, the blowback of these failed policies is wreaking havoc, with out-of-control thefts at retailers nationwide.
Get woke, go broke as they say. Side with civilian disarmament types over the traditional Americans who support law-and-order and gun rights, then scratch your head (and other places) as you try to explain what happened when your business is hammered by criminals stealing your stuff.
Dick’s shrinkage is never a good thing. Hopefully your retirement funds aren’t invested in the company.
It’s almost as if the fascist left has a plan to destroy the American economy.
This has to be the way. They jump backwards through flaming hoops to ignore, excuse and justify so it must be intentional. If it was just stupidity is would have stopped at the first sign of fiscal trouble like with all the 99% nonsense.
Stockholders should be suing.
At least the felons-in-training aren’t stealing any guns or ammo… 🙂
probably losing a lot of shoes…golf clubs?…not so much….
“Fiduciary responsibility” should be the battle cry of stockholders everywhere. I read that a huge lawsuit along this stripe is being formed against Disney for their own actions of placing woke policy over their shareholders’ welfare.
And replace it with state commissaries where your needs have to an approved requisition?
Fantastically stupid comment. Communists are left wing. Fascism was a movement to combat the spread of communism. Learn some history.
If you can’t see the parallels between leftist globalism and fascism you’re either intellectually dishonest or obtuse. Sort of like how Democrats were the original slave owners and party of the south.
Labels change and are rewritten. Behaviors do not.
https://www.britannica.com/topic/fascism
It’s called Liberal and as of late Progressive Educational Indoctrination. Formally known as Public Education. It began in the late 70s/early 80s. What is being witnessed now is the long term culmination of that indoctrination. Not unlike that of the Hitler Youth of 1930s-40s Germany.
dumb. There isn’t an ounce worth of difference in a communist and a fascist. Both are genocidal belief systems that rule by murder and terror.
Or are you one of those tards that believe fascism was the good guys?
“Fantastically stupid comment. Communists”
The Revolution of Individual Rights happened 1776. Fascism and Communism are both counter-revolutionary. Hence the popularity of the right-left dichotomy amongst the enemies of the Revolution.
Fascism was a Socialist [ National Socialist Workers Party ] attempt to combat International Socialism. Both were Marxist in nature.
👍👍👍😋
Dick’s are merely promoting advanced reparations. The term theft is r@cist.
Indeed! I first heard precisely such toxic rhetoric in Oakland, CA in 1968 – at gunpoint.
Dicks and shrinkage. How many bad jokes and puns nearly write themselves?
Couldn’t happen to a more deserving bunch.
Go with the woke steroids and get shrinking DICK’s. Fitting.
Good one oldman I didn’t even think of that til you said it. And i always crack Dicks jokes to my wife whenever we drive by one.
Shrunk like she said ” my husband’s home”.
Loud snort, followed by grinning and snickering.
There was shrinkage! The water was cold!
Weiner woes.
I came here just for the comments, and was not disappointed.
The owners of dick’s should see their doctors – there is medication to help with shrinkage.
payback
its whats for dinner
while we read the feel good story of the day
The way Dick’s have treated gun owners, they deserve to go out of business, which would be unfortunate for employees and investors. Dick’s being dicks….
Dick’s employee: “I’m proud to work for a company like this that takes a stand and practices what they preach!”
Dick’s: “You’re fired. Our virtue signaling tanking profits.”
when they went rough I never shopped there again
reap what you sow.
They deserve what happened. What goes around comes around. How can they call their store Dick’s Sporting Goods after they discriminate against one of America’s popular sports. I know that I will never shop there again, and I will never buy any merchandise from that other woke company, Yeti. Discrimination will never make you rich!
Fuck ‘em.
…and the horse they rode in on.
That’s not very nice to the poor horse.
You’ll probably need a stepstool, unless they stump break their horses.
Ditto’s
Good.
Wonder how long the girly boys and drama queens can keep them afloat, buying a new tennis outfit every year!!
Tuck friendly swimwear
tucks are for humorhoid shrinkage. soothes.
They paid tribute to the rioters, being blinded that the rioters have no honor to spare them from the looting and theft.
I would said a lesson learned, but we know they learned nothing.
I remember dropping by Dicks(sux) right after Sandy Hook in Schererville,Indiana. The guy working the pitiful gat counter was pizzed off an AR he already bought (with an employee discount)wouldn’t be delivered to him. Their selection was meager. No great loss. I noticed the gigantic loss on Fox business. Good riddence!
Remember the M@rxian dialect. Each to their abilities and each to their needs.
It’s called poetic justice. If you really want to hurt the woke left corporations just stop buying their products and they lose millions in a heart beat.
quote———-No doubt the company’s virtue-signaling corporate leadership who decided they’d rather side with Black Lives Matter and “defund the police” social justice warriors over America’s hard-working gun owners won’t be among those who are canned.——–quote
A Third Way report found that between 2000 and 2020, Trump-voting states had 12% higher murder rates than did Biden-voting cities.
Data shows that in 2020, eight of the ten states with the highest murder rates voted for the Republican presidential nominee in every election in this century.
In the past, Republicans have made crime a major campaign talking point—in October 2022, one quarter of attack ads on Democrats focused on crime, and in the two months leading up to the midterms, Fox aired about 141 crime segments on weekdays, according to the report.
A report published in the New England Journal of Medicine found guns became the leading cause of death for children starting in 2017—motor vehicle-related deaths held the number one spot for 60 years prior.
https://www.forbes.com/sites/ariannajohnson/2023/04/28/red-states-have-higher-gun-death-rates-than-blue-states-heres-why/?sh=32b37f7a1f81
Hilarious to see “shrinkage” as the proclaimed cause of injury to Dick’s, quite possibly the most well named company in the history of civilization. I wait with bated breath to see the day their doors close for good. It can’t come soon enough. Freaking communist scum each and every little Dicks workers and executives.
They are free to choose not to sell firearms, it is their right. It is sad that they changed policy and many shareholders got financially hurt because of bad planning.
Let them sink, I really do not care. They made the choice, if it worked, more power to them, but the choice bit back.
One thing is for sure – small pee pee energy got them here in the first place.
We have a Dick’s a town or two over. Bought a .44mag revolver there many years ago. Havent shopped there since, and won’t now that they closed their gun counter. Screw ’em, there are plenty of sporting goods stores in the general area. Personally, if they can’t learn from their mistakes and rectify it, I hope they fold & crash, big time. They deserve not one cent more of our money.
GOD save the Republic!
While Dick’s share price dropped significantly, their annual dividends are still on track for 10% return on investment if the current numbers are steady. (That 10% is what you get if you multiply their $2.82 profit per share in the second quarter x 4 for the whole year [$11.28] and divide that by their current share price of $111.53. Ergo $11.28 / $111.53 = 10%)
Last I checked, my local banks are not offering a 10% interest rate on savings accounts, money market accounts, nor certificates of deposit.
Neither is their stock. The stockholders are not going to recieve a 10% dividend, I bet that the stock will just go down and no dividend will be issued.
https://www.morningstar.com/stocks/xnys/dks/dividends
Uh, shrinkage is NOT theft. Theft is covered under “shrinkage” Shrinkage is all forms of loss, not just theft. For instance in a grocery store, shrinkage would include inaccurate ordering (administrative errors) loss due to expired, broken or spoiled goods (operational loss) like a head of lettuce that’s thrown out because it cant be sold, broken jars of pickles and of course internal and external theft including vendor fraud. When the meat manager stuffs a fat T-Bone in his lunch box at the end of the day, that’s shrinkage along with the spoiled lettuce and broken pickle jar. Shrinkage is not a polite way of saying theft and is simply inaccurate to do so.
why does it matter? are you saying broken baseball bats and deflated footballs caused Dick profits to flag?
My wife was a manager at Lane Bryant for more than a few years. Shrinkage=theft in her venacular. May be different in the retail food industry but unless you have someone going through breaking stuff your non theft shrinkage should be really small.
She had a group of roving, organized bandits come in once and shoplift $3K in merch. Even had their kid (stroller) involved. This was over 10 years ago, before it was trending like it is now.
Her store was pretty much hit because they didn’t prosecute external shoplifters.
Besides, its silly to think that this is going to be much of anything other than theft.
I thought the same thing MLee. I work in produce wholesaling, and when we have to toss something its always been called shrinkage.
makes sense for perishables. but when does a wiffle bat expire?
i’m gonna speculate that this is corporate scape hosting. Dick has been shrinking since they went woke and banned guns. it was a stupid business decision and they’ve been in decline ever since. this is just finger pointing so a couple of corporate pencil heads can buy a little more time before they are forced into bankruptcy. dicks is failing because of a bad business decision, not theft. if theft was the cause other retailers like bass pro would be failing but no, business is booming there. go woke go broke!
Haven’t spent a dime at Dick’s since they went woke and dropped AR’s and mags. Dead to me. They don’t really carry any sporting goods any more other than clothing and accessories. I couldn’t GAF about spandex hiking shorts or goretex jackets. They don’t even carry camping gear these days. It’s basically a branded fashion clothing store for people who want to look like they do outdoor sports.
Everyone bookmark this article.
Then re-visit it when we see “Going out of business sale!” banners across the “Dicks” sign.
“i just got out of the pool!”
Who cares about Dick’s Sporting Goods? I haven’t shopped there in YEARS. I paid off their card, cut it up and sent it back in my final payment. Dick’s was WOKE before WOKE was in vogue.
If their stock plummeted to ZERO, I could care less.
you could? so how much will you care at that point?
tsbhoa.p.jr Could what? I care enough to continue to boycott these POS’s.
Only so many pairs of yoga pants to be sold each year. Not surprised Dicks’ is failing.
yoga pants are for dicks.
love ’em.
I have never bought anything at Prick’s I mean dick’s! Only was in 2 times just look around. Way tooooo expensive for me!
DICK SPORTING HAVN’T BEEN IN ONE SINCE, NO GUN SALES , NO AMMO , NOW TAKEN OVER BY IDIOTS .. O WELL NEVER MIND , OFF TO WALLIE OR ACADEMY