Dick's Sporting Goods said Tuesday it will stop selling hunting equipment, including rifles and ammunition, at 125 stores and drop Reebok merchandise from its outlets.
Shares of the company were down about 11 percent as Dick's quarterly same-store sales missed Wall Street estimates and full-year profit forecast was largely below.
The retailer of camping supplies, sporting goods and guns tightened its gun sales policy last year in the wake of a high school shooting in Parkland, Florida in February 2018 that put pressure on its hunting business.
After the incident, Dick's was one of the first retailers to ban?the sale of guns to people under 21 and on assault rifles and high-capacity magazines.
The retailer will replace the hunting supplies category with some kind of in-demand merchandise, CEO Edward Stack said in conference call. The company has already removed the category in 10 stores.
The company also said it will replace Reebok with a new in-house private label brand before schools reopen, sending shares of rival Nike and Under Armour down about 1-3 percent.
Related video: 'I don't want Dick's Sporting Goods to become irrelevant,' says Jim Cramer (provided by The Street)
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