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Dick is destroying the guns he will not sell

Why can't you write off the inventory.

Spend X on inventory. Whether it spoils, got-stoled, sits on a shelf for 80 years or you wreck it yourself, it's still an expense, right?
 
Dennis in MA said:
Why can't you write off the inventory.

Spend X on inventory. Whether it spoils, got-stoled, sits on a shelf for 80 years or you wreck it yourself, it's still an expense, right?
Click to expand...

If it gets destroyed doesn't it allow you to write off more of it? EG, a loss instead of a depreciating asset (inventory) or something... then again, im not an
accountant...

-Mike
 
drgrant said:
If it gets destroyed doesn't it allow you to write off more of it? EG, a loss instead of a depreciating asset (inventory) or something.
Click to expand...
Unsold commercial inventory doesn't necessarily depreciate (i.e.: cars, yes; paper, no).

Now, can you destroy inventory voluntarily and then write it off? Sure. You had something worth $xxx yesterday, and it's worth $0 today. There's a loss and you can show it on your balance sheet and on your taxes.

What you can't do is claim the loss against your insurance. And if you're publicly traded (Dick's Sporting Goods Inc Common Stock (DKS) Real-Time Stock Quote - NASDAQ.com), you better have your eyes open for a shareholder suit against you for voluntarily destroying an item of value to the company. If you're privately held, though, swing away. Get woke, go broke.
 
Knob Creek said:
There is a proper way to destroy guns as we all know. Ten to One they do it wrong.
Click to expand...

iu
 
Toast said:
Unsold commercial inventory doesn't necessarily depreciate (i.e.: cars, yes; paper, no).

Now, can you destroy inventory voluntarily and then write it off? Sure. You had something worth $xxx yesterday, and it's worth $0 today. There's a loss and you can show it on your balance sheet and on your taxes.

What you can't do is claim the loss against your insurance. And if you're publicly traded (Dick's Sporting Goods Inc Common Stock (DKS) Real-Time Stock Quote - NASDAQ.com), you better have your eyes open for a shareholder suit against you for voluntarily destroying an item of value to the company. If you're privately held, though, swing away. Get woke, go broke.
Click to expand...


This. I really hope the IRS pays close attention to this shit, though. They deserve a good audit.
 
Go figure, I just got an advertisement email from Dick's. I know it won't do anything, but it feels good to select "Unsubscribe me from all emails" and "Other: you have willfully turned your back on lawful gun owners and therefore I will no longer have anything to do with you and have urged all fellow sportsmen to do likewise."
upload_2018-4-20_8-41-17.png
 
upload_2018-4-20_8-43-6.png

Not sorry enough to stop yourselves from virtue signaling to people who probably never shopped at your store anyway.
 
drgrant said:
If it gets destroyed doesn't it allow you to write off more of it? EG, a loss instead of a depreciating asset (inventory) or something... then again, im not an
accountant...

-Mike
Click to expand...

Toast said:
Unsold commercial inventory doesn't necessarily depreciate (i.e.: cars, yes; paper, no).

Now, can you destroy inventory voluntarily and then write it off? Sure. You had something worth $xxx yesterday, and it's worth $0 today. There's a loss and you can show it on your balance sheet and on your taxes.

What you can't do is claim the loss against your insurance. And if you're publicly traded (Dick's Sporting Goods Inc Common Stock (DKS) Real-Time Stock Quote - NASDAQ.com), you better have your eyes open for a shareholder suit against you for voluntarily destroying an item of value to the company. If you're privately held, though, swing away. Get woke, go broke.
Click to expand...

It's been YEARS since I took a corporate accounting course. You can't take more than you spent. LIFO/FIFO/WHATEVERO might dictate WHEN they get to write it off (which is really stupid, but I've run a cash-basis business for 27+ years, so I'm sorta entrenched) but if they don't exist anymore, it means the same write-off as you would take assuming they sold the entire lot of AR's to another person or company.

As far as shareholders getting panties in a wad, I can't see it. How many AR's does Dicks have? A couple thousand? At $500 ea. Last year they grossed $8B and cleared $300M. A couple of million of AR's isn't much more than a blip. It's 100% a PR move to hope that the snowflakes will continue buying their The North Face hats there.
 
Dennis in MA said:
Toast said:
And if you're publicly traded (Dick's Sporting Goods Inc Common Stock (DKS) Real-Time Stock Quote - NASDAQ.com), you better have your eyes open for a shareholder suit against you for voluntarily destroying an item of value to the company.
Click to expand...
As far as shareholders getting panties in a wad, I can't see it. How many AR's does Dicks have? A couple thousand? At $500 ea. Last year they grossed $8B and cleared $300M. A couple of million of AR's isn't much more than a blip. It's 100% a PR move to hope that the snowflakes will continue buying their The North Face hats there.
Click to expand...

With a few weeks' perspective, it seems to have gone a different way: Dick's predicts lower sales, foot traffic after gun policy changes
[CEO Edward] Stack said Tuesday that the company's new firearms policy "is not going to be positive from a traffic standpoint and a sales standpoint."

While the cost of the AR's is a blip, the bad publicity isn't necessarily so. Stack’s admitting this action likely will lose money for shareholders may come back to bite him. If he'd tried to sell it as gaining new sales from people who support the position, he'd have some cover. But if Dick’s stock drops hard or even doesn't keep up with the rest of the industry, the statement above seems to be asking for a shareholder suit.
 
As many have stated it’s not just gun sales they are losing. I bought workout gear, sneakers etc. from them.

I bought my 10/22 and 336 lever gun from them a couple years back. I’m in the market now for new gym shoes and sneakers. Guess where I won’t be shopping. Guess where my wife won’t be buying her overpriced workout attire. Plenty of camping gear bought there too.
 
Junior314 said:
As many have stated it’s not just gun sales they are losing. I bought workout gear, sneakers etc. from them.

I bought my 10/22 and 336 lever gun from them a couple years back. I’m in the market now for new gym shoes and sneakers. Guess where I won’t be shopping. Guess where my wife won’t be buying her overpriced workout attire. Plenty of camping gear bought there too.
Click to expand...

This.....I've bought a gun or two from them over the years before they really became Dicks, but Ammo, golf stuff, and my kids sports gear all the time. Now, I won't set foot in the store and neither will my kid....plenty of other places to buy that shxt from. Hope there are a lot of people out there like me and the fxckers go out of business.

They will still serve the yuppie Under Armour crowd, and Soccer Mom crowd, but hopefully there's a few fathers that are telling the Soccer moms to go elsewhere.
 

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