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Dick's Sporting Goods (DKS) - Get Dick's Sporting Goods, Inc. Report shares crashed 23% on Tuesday following the company's second quarter earnings miss, which it blamed on weak results from its hunting segment. 

But the truth is, while gun sales have experienced a sharp decline since President Donald Trump took office, the hunting segment has been in a downtrend since the 1980s, according to the U.S. Fish and Wildlife Service. 

Despite that, the wildlife recreation activities segment experienced a 3% growth rate from 2006 to 2011, with Americans spending a total of nearly $34 billion. 

Dick's said that weakness in its hunting segment will force the company to offer discounts in the back half of the year. Dick's also lowered its profit expectations. 

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"By design, we will be more promotional and increase our marketing efforts for the remainder of the year, as we will aggressively protect our market share," CEO Edward Stack said in a statement. 

Gun sales have suffered since Trump, a gun advocate, took office. Gun manufacturer Smith & Wesson, now American Outdoor Brands (AOBC) - Get American Outdoor Brands Corporation Report  , for example, was sold for $45 million this year, after being purchased for $112 million 10 years ago. 

Sturm Ruger & Company Inc. (RGR) - Get Sturm, Ruger & Company, Inc. Report reported a 22% decline in year over year net sales to $132 million recently. 

Dick's Sporting Goods traded down 21% to $27.62 midday Tuesday.

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