Dick’s Sporting Goods Ends Sale of Modern Sporting Rifles

Dicks Sporting Goods Inc (NYSE:DKS) says that it will no longer be selling “modern sporting rifles”, which are often compared to assault rifles.

Dick's Sporting Goods Ends Sale of Modern Sporting Rifles

Dick’s Sporting Goods says that the change affects all 35 of its Field & Stream stores. The company won’t have to stop selling the assault-style rifles to customers at its main stores. This is due to it having already stopped sales of the guns following the Sandy Hook shooting in 2012.

Dick’s Sporting Goods says that this change is the result of the recent mass shooting that took place in Parkland, Fla. The company notes that the shooter had bought a shotgun from one of its stores. This wasn’t the gun that was used in the shooting.

To go along with its ban on assault-style rifles, Dick’s Sporting Goods will also no longer sell any guns to customers under the age of 21. It is also removing high capacity magazines from its stores. The chain notes that it has never sold bump stocks and won’t do so in the future.

“We deeply believe that this country’s most precious gift is our children. They are our future. We must keep them safe,” Edward Stack, Chairman and CEO of Dick’s Sporting Goods, said in an open letter.

Dick’s Sporting Goods isn’t the only company that is making changes following the mass shooting in Parkland. Several companies have been cutting ties with the National Rifle Association (NRA) and ending benefits for its members. You can see the full list of those companies at this link.

DKS stock was up 2% as of noon Wednesday.

As of this writing, William White did not hold a position in any of the aforementioned securities.

Article printed from InvestorPlace Media, https://investorplace.com/2018/02/dicks-sporting-goods-ends-sporting-rifle-sales/.

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