You would think that one day that corporations would learn their lesson and not insert themselves into rancorous social and political debates but the spineless types in boardrooms still haven’t a clue.
The latest example of a major brand name to pay for their appeasement of social justice bullies is Dick’s Sporting Goods which only a few weeks ago, announced that it was caving to pressure and would raise the age to purchase firearms to 21-years-old.
The feckless CEO also announced that certain types of weapons would no longer be sold by Dick’s:
— DICK'S Sporting Goods (@DICKS) February 28, 2018
It’s now been two weeks since the announcement and the results are already trickling in that the chain’s stock prices have taken a hit and that earnings are already down.
According to Reuters:
Dick’s Sporting Goods Inc , the U.S. retailer who raised the minimum age to purchase firearms following the massacre at a Florida high school, said on Tuesday it expected the impact from the changes to linger throughout 2018.
The company’s shares were down nearly 5 percent at $31.
“The announcement we made 2 weeks ago regarding our firearms policy is not going to be positive from a traffic standpoint and a sales standpoint,” Chief Executive Officer Edward Stack said on a post-earnings call with analysts.
It is too early to determine whether Dick’s will soon be going the way of the buffalo like Sports Authority did but they really pissed a lot of customers off with their grandstanding on the guns issue and judging from a lot of the feedback that I’ve seen, they were overpriced anyway.
Was it wise to become involved in the left’s anti-gun crusade? Just ask Delta Airlines which lost a whopping $40 million tax break after punishing NRA members by revoking their discount program.
Blowback’s a bitch.