Dick's Sporting Goods removed guns from at least 125 stores in 2019. Selling Yeezys and other premium footwear helped make up the difference.
Dick’s Sporting Goods Inc. has benefited from two adjustments the athletic-gear retailer made to its merchandise lineup, according to Cowen analysts: adding more Yeezy sneakers and eliminating the hunting category.
Instinet analysts led by Michael Baker think Dick’s Sporting Goods is taking market share as Nike Inc. NKE, +0.88% shifts its distribution. Dick’s announced in August that it was removing the hunting category, including guns, from 125 stores, after first eliminating the category from 10 locations. At the time, Chief Executive Edward Stack said the company was able to make up for anything lost from the “deteriorating” hunting and firearms business with sales in its core categories: clothing, shoes and hardlines.Dick’s Sporting Goods even scrapped an inventory of assault rifles valued at $5 million.
“Despite Dick’s Sporting Goods remaining a leading preferred destination when shopping for sporting goods, according to the Cowen Consumer Tracker Survey, increased emphasis on the brands’ own direct-to-consumer platforms could pressure same-store-sales growth and margin profile,” Cowen wrote.
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