Dick’s Sporting Goods’ bottom line took a very big hit after halting the sale of assault-style weapons in response to the Parkland school massacre.
The policy change cost the nation’s largest sporting goods retailer about $150 million in lost sales, about 1.7 percent of annual revenue, Bloomberg News reported Friday. But boss Ed Stack isn’t complaining:
“The system does not work,” Stack said, according to the news outlet. “It’s important that when you know there’s something that’s not working, and it’s to the detriment of the public, you have to stand up.”
Parkland gunman Nikolas Cruz purchased a shotgun from Dick’s a few months before the attack, which left 17 dead, including a number of students.
Stack also banned the sale of all guns to anyone under 21.Still, the gun ban hasn’t affected Dick’s stock price, Bloomberg reported.
Shares have climbed 14 percent in the 13 months since Parkland. Shares rose slightly Friday.