When you go woke, you go broke. Conservatives often say this, but it is usually just rhetoric. Nevertheless, the saying can be true at times.
Dick’s Sporting Goods is an outdoor company known for its involvement in various cultural battles. Dick’s shareholders were recently greeted by bad news when they learned that the company’s profit dropped 23 percent over the past quarter.
That sent the company into a freefall. On August 21st, the stock price was $141. Two days later, it was at $108. That’s a dramatic drop for a well-known retail brand with so many years in the game.
What led us to this point? Dick has admitted that a dramatic increase in retail thefts has seriously hampered his profitability.
While our Q2 profit was below our expectations, we achieved another double-digit EBT. This is due to the increased inventory shrinkage, a serious issue that many retailers are facing.
This is more of a symptom rather than the root cause. I have a pretty good understanding of why we’re here.
A story in four parts. pic.twitter.com/onQK8chsWB
— Bonchie (@bonchieredstate) August 23, 2023
Dick’s prides itself in being the leader of “Diversity, Equity, and Inclusion,” a fancy term for spending money on do-nothings who push left-wing policies. The goal is to show that a business is fighting for justice and “giving a vocal” to its most entitled and whiniest employees.
Those corporations who went down this path are now paying the price.
When corporations get involved in the culture wars, they can end up with a lot of damage. Dick’s, for example, was the first to ban gun sales after the Parkland massacre, as if this would make a difference. In 2019, the company invested heavily in its DEI department, making it the centerpiece of its corporate strategy.
This has led to a 23 percent decline in profits due to policies that the company directly or indirectly supported. Do I feel sorry for Dick’s? No, they should continue to reap the fruits of their labor.
