Dick’s Sporting sees hit from firearm coverage modifications

(Reuters) – Dick’s Sporting Items Inc (DKS.N), the U.S. retailer who raised the minimal age to buy firearms following the bloodbath at a Florida highschool, mentioned on Tuesday it anticipated the affect from the modifications to linger all through 2018.

A common view of Dick’s Sporting Items retailer in Stroudsburg, Pennsylvania, U.S., February 28, 2018. REUTERS/Eduardo Munoz

The corporate’s shares have been down almost 5 p.c at $31.

“The announcement we made 2 weeks in the past relating to our firearms coverage shouldn’t be going to be optimistic from a visitors standpoint and a gross sales standpoint,” Chief Government Officer Edward Stack mentioned on a post-earnings name with analysts.

Together with the affect of the modifications to firearms gross sales insurance policies, the corporate mentioned it now anticipated 2018 revenue of $2.83 per share and consolidated same-store gross sales to be flat to a low single-digit decline.

Reporting by Nivedita Balu in Bengaluru; Modifying by Sriraj Kalluvila

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