Dick's Sporting Goods CEO says company destroyed $5 million worth of weapons

[Deplorable Me]

Dick's Sporting Goods CEO says company destroyed $5 million worth of weapons

I'm looking forward to the going out of business sale to pick up shelving for my reloading shop.

 

[masterswimmer]

And you know what that does to the already 300+ million weapons still possessed legally? Absolutely nothing! LMAO

Wanna know what it does to the Dicks bottom line? Reduces net profit by $5 million. Morons.

 

[Celt]

So, Soros and Bloomturd paid Dicks 6 million to cover the cost of guns to virtue signal, and an extra million as a bonus..

 

[kev74]

He also destroyed more than $5 million worth of value of his company.

 

[spat]

I laugh everytime they do this. Just like "buy backs".

This is *exactly* what the feds did when they were trying to *support* the auto manufacturers. They called it "cash for clunkers".

I bet the gun manufacturers would love it if a few more woke companies bought and paid for millions of dollars of guns just to destroy them.

Hell, if *I* could get a contract to sell Dicks $5M worth of ARs for them to virtue signal with I'd be all about it.

You wouldn't even need to worry about QCing anything.

 

[camper4lyfe]

Do they think there's a limited supply of guns and by destroying a bunch, the well will dry up faster? Do they not realize that manufacturers are constantly churning these things out, and will continue to do so, with this grand standing making next to NO impact in, well, anything except their bottom line?

 

[Robin]

Dick's, nuff said.
Robin

 

[S&W Fan]

The Old man is rolling in his grave from the insubordination of todays
Metro sexual CEO

 

[2WheelGnnr]

And you know what that does to the already 300+ million weapons still possessed legally? Absolutely nothing! LMAO

Wanna know what it does to the Dicks bottom line? Reduces net profit by $5 million. Morons.

yeah I mean all stunts like this do and the gun buy backs are most likely taken from the legally owned pool and NOTHING for the ILLEGAL guns out there.

Taking legal guns out the equation is not gonna yeild any results!! NONE nada!!

can wait to see that 5mil fall straight the bottom line.....their sales already showing what their decision has done for them. ok so you wont sell arrows or hunting supplies like stands and decoys..that'll show them illegal gun owners...just wait till they go try to buy a crow decoy to lure their victims for their next mass shooting...this'll show em!!!!!!!
I always knew something about them was funny. never bought from the store unless I for some reason had to......

 

[livingston]

. Stack said the moves resulted in a loss of $250 million in sales

 

[@thewheels]

"We found out that we sold this kid a shotgun," Stack said. "That's when I said, 'We're done.'"


So lets destroy all the rifles!

 

[Deplorable Me]

He also destroyed more than $5 million worth of value of his company.

Politically correct management, about as dumb as they go.

 

[S&W Fan]

"We found out that we sold this kid a shotgun," Stack said. "That's when I said, 'We're done.'"


So lets destroy all the rifles!

OH ...MY ... GOD , They sold a kid a shotgun ?!! Fucking mortal sin, a kid for christ sakes. WTF is this world coming to!
Give this douche bag the MORON trophy of the millennium.

 

[BDinPutnam]

"We found out that we sold this kid a shotgun," Stack said. "That's when I said, 'We're done.'"


So lets destroy all the rifles!

Exactly.

And they are still selling shotguns.

So... the point of all this was... what, exactly?

 

[@thewheels]

Exactly.

And they are still selling shotguns.

So... the point of all this was... what, exactly?

 

[Carlos Hathcock]

 

[cgrutt]

And you know what that does to the already 300+ million weapons still possessed legally? Absolutely nothing! LMAO

Wanna know what it does to the Dicks bottom line? Reduces net profit by $5 million. Morons.

He also destroyed more than $5 million worth of value of his company.

I'm thinking impact to bottom line and company value was more than the $5M inventory loss...

Let's say for sake of discussion a gun that costs $400 is sold for $500, so contribution is $100 or 20% sales value. They destroyed $5M in inventory which ordinarily they would have sold for $6.25M ($5M / 80%). But the loss is bigger than that... to recover the cost of $5M inventory they actually need to now sell $25M ($25M x 20% CM = $5M inventory loss). After fixed salaries, rent, etc. let's assume they operate on 5% margin. $25M times 5% equals $1.250M at 12X multiple equals $15M loss of value to company. That's just on the inventory they destroyed. Loss of customers, suppliers etc from company's actions resulted in much higher sales loss ($250M was acknowledged in article probably much higher than that). Using assumptions above that alone would equate to $150M loss in value ($250M times 5% times 12). Just making all these figures up for discussion, but directionally I think that's how it plays out.

 

[kev74]

And to keep it rolling... Their market cap is about $3.5 billion - after the 30% drop. So he really cost the investors $1.5 billion in company value plus all the stuff above.

 

[Acer-m14]

i would really like to know that if destroying inventory based on feelings is a legal tax write off

 

[dsdmmat]

"We found out that we sold this kid a shotgun," Stack said. "That's when I said, 'We're done.'"


So lets destroy all the rifles!

What are they doing selling guns to baby goats?

 

[Calculon]

A ceo who destroys $1.5 billion in value should be shown the door. But the pc outrage culture supports this so he’s safe.

 

[kev74]

i would really like to know that if destroying inventory based on feelings is a legal tax write off

No it is not.

 

[Target]

They don't mention that they own Field & Stream stores and sell guns there too.
If they really cared and were not just showboating, why dont they close the firearm & accessories sections in both chains?

 

[masterswimmer]

They don't mention that they own Field & Stream stores and sell guns there too.
If they really cared and were not just showboating, why dont they close the firearm & accessories sections in both chains?

He doesn't think they're Dicks.

 

[pjzwtl]

The Old man is rolling in his grave from the insubordination of todays
Metro sexual CEO

Yea and we all need to remember Field and Stream and Dicks are one in the same.

 

[pjzwtl]

He doesn't think they're Dicks.

I got the joke but in reality the head dicks at Dicks don’t think we’re intelligent enough to figure it out

 

[Shadow2]

We should start a go fund me and have them airdropped into hong kong.

Anyone notice protesters waving the American flag in Hong Kong to represent freedom but here in NYC they burn the same flag. I'd like to offer China a trade, NYC residents for Hong Kong protesters.

 

[Acer-m14]

I'd like to offer China a trade, NYC residents for Hong Kong protesters.

I'll take 5 Hong Kong ladies .

hey i will need them 2 days for resting .. LOL ..

 

[GOPerfect]

They will end up closing a few stores here and a few there. Next thing you know, there will be only a few left in the US. Sooner than later, those stores will close and many will wonder; how? How in the hell did this happen?

 

[ECU Pirates]

I don’t believe they destroyed 5 million in anything. It’s a pr lie.