August 2022
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August 15, 2022

Financials Matter

"It's Not Just About Finance"

Dick’s “WOKE” Moment

Last year, Dick’s Sporting Goods store announced they will stop selling guns in their retail stores.

They claim their policy change was in response to the 2018 school shooting in Parkland, Florida.

So far, their policy hasn’t worked out well…and they’ve only pulled guns and ammo out of 125 of their 850 stores.

Essentially, they jumped on the “guns are bad” bandwagon.

The result is it now appears they’re experiencing their WOKE moment.

“Woke” is a slang term that means being aware of social injustices.  The term specifically relates to acknowledging racial injustices.

However, since experiencing their “woke” moment Dick’s stock price has suffered despite beating Wall Street’s recent earnings expectations.

Such is the case when a company decides to offend some of their most devoted customers, namely gun owners.

When you factor in the goodwill lost by a company claiming to champion the social justice agenda, you must wonder “what were they thinking?”

Unfortunately, CEO’s caving in to increased pressure to support gun control movements -and other social justice causes- shoot themselves in the foot (pun intended).

It also makes you wonder how long until the effect of “being Woke” catches up to giants like Nike and Starbucks

Example: Nike’s multi-million-dollar contract with Colin Kapernick is starting to see increasing blowback over the Betsy Ross is a racist claim.

And Starbucks former CEO, Howard (No I’m not running for President) Schultz, famously saying to the world “If you Support Traditional Marriage, We Don’t Want Your Business.”

I guess when you’re a CEO you can get away with saying things like this.

But when the public finally realizes that by not supporting your product, they’re simply expressing their Woke moment.

It’s how you make your voice heard.

Check out our July newsletter where we name Woke companies that you might want to stay away from.

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