Dick's Sporting Goods junked $5 million in assault-style-rifle inventory when it stopped selling them

Published: Oct 8, 2019 11:17 a.m. ET

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Not only did Dick's Sporting Goods Inc. DKS, +1.61% stop selling assault-style rifles and high-capacity magazines in 2018, it destroyed the assault rifles that it had in its inventory. Dick's Sporting Goods Chief Executive Edward Stack discussed the move during a CBS News appearance to promote his new book, "It's How We Play the Game." During the interview, Stack talked at length about his evolving approach to the sale of guns, something the company had done for decades before it began to pull back. After the Feb. 14, 2018, mass killing at Marjory Stoneman Douglas High School in Parkland, Fla., the company ceased selling guns to anyone under the age of 21, a step that Stack told CBS had cost the company about a quarter of a billion dollars. On top of that, the company scrapped $5 million in assault rifles that were in stock. "I said, 'You know what? If we really think we need to get these things off the street, then we need to destroy 'em.' " Dick's has removed the hunting category, including guns, from more than 125 stores, and says the category is under "strategic review" for the remaining locations. Dick's Sporting Goods operated 727 locations across the U.S. as of Aug. 3. The company's stock, which is up 1.2% in Tuesday trading, has rallied 23% in 2019, while the S&P 500 index SPX, -0.39% has gained 16% for the period.