Dick’s Sporting Goods posted higher quarterly profits and sales, despite concerns that its controversial decision to tighten gun policies would cost sporting-goods chain, The Wall Street Journal reports.
The retailer, which has a location at the Mall of Louisiana, says its hunting business suffered, but it reported better demand for other items, which helped profit margins. Dick’s says it relied on fewer promotions to move merchandise and was able to reduce its inventories.
Profit rose 3.2% to $60.1 million, or 59 cents a share. in the quarter ended May 5. That was better than Wall Street expected, and the company raised its profit goals for the fiscal year.
Dick’s reported total sales of $1.91 billion, up 4.6%, helped by the opening of new stores and the conversion of stores that had been outlets of Sports Authority, which filed for bankruptcy. Dick’s operates more than 800 stores, including Golf Galaxy and Field & Stream locations.
In February, Stack announced the company was raising the minimum firearms purchase age to 21 and would no longer sell assault-style rifles at its Field & Stream stores––they weren’t sold at flagship Dick’s locations. The retailer also banned high-capacity magazines and so-called bump stocks from all of its stores.
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.
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