Dick's Sporting Goods shares skyrocket after it stops selling assault-style rifles

Dick's Sporting Goods Did Not Experience Revenue Dip After Ceasing Gun Sales

PITTSBURGH — Dick's Sporting Goods shares jumped 23 percent when the market opened Wednesday, beating its first-quarter expectations, CNBC reports.

Dick's stopped selling all assault-style rifles and high-capacity magazines after the school shooting in Parkland, Florida, where 17 students and staff members were killed, CNN reports.

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The store also raised the minimum age to purchase a gun to 21.

Today's opening bell was the first indicator of the company's success after implementing these gun restrictions, according to CNBC.

Dick's reported over $60 million in net income, or 59 cents per share, according to a company release. Sales reached nearly $2 billion, up 4.6 percent from last year.

In response, Dick's has increased its full-year forecast to between $2.92 and $3.12 per share, up from the anticipated $2.80 to $3 per share, the company stated.

Dick's also reported that online sales sales jumped 24 percent.

Same-store sales fell 2.5 percent. The company blamed this on a decline in hunting and sporting sales, as well as cold spring weather, CNBC reports.

Dick’s is not the only big retailer to change its gun policy since the Parkland school shooting.

Walmart raised the minimum age to buy a gun to 21 earlier this year. Kroger also said it will begin phasing out gun sales at Fred Meyer stores.