The percentage of American Brands' assault-style rifle sales at Dick's "is extremely small," Debny said. "It's actually one-tenth of one percentage point of our total sales. So there isn't really any impact and of course anything like that is obviously built into our guidance going forward."
When asked what the impact will be on the gun market if more companies follow in Dicks' footsteps, Debny said, "Well really that would just be pure speculation right now… I don't want to speculate."
Debny said the company has observed a minor uptick in gun sales at retailers after the Feb. 14 mass shooting in Florida, in line with prior tragedies, as gun users are concerned that legislation may be passed that would not allow them to buy guns in the future.
"The only reports that we've heard are of some increased foot traffic in firearms retailers and that is translating into some level of increased sales," he said.
The Feb. 14 shooting at Marjory Stoneman Douglas High School once again sparked a national debate about gun control and future regulations that could put downward pressure on gun sales. The gunman used an AR-15 assault rifle that he legally purchased, authorities have said.
In its third quarter earnings release, Debney said there's less demand for firearms and that the company believes this "may continue for some time."
Shares of American Outdoor tanked after the company reported a large year-over-year sales decline and gave dismal guidance. The stock was halted at about 4 p.m. ET prior to the announcement. It reopened 20 percent lower at 4:35 p.m. ET. Shares of American Outdoor fell as much as 26 percent in after-hours trade.
American Outdoor said its sales fell 32.6 percent year over year in its fiscal third quarter. The company said its results reflect a "continuation of challenging market conditions in the consumer market for firearms."
For the current quarter, American Outdoor said it expects adjusted earnings between 9 cents and 11 cents per share on revenue between $162 million and $166 million.
Wall Street had previously projected fiscal fourth-quarter earnings of 38 cents on $205.6 million in revenue, according to Thomson Reuters consensus estimates.
American Outdoor shares have shed more than 50 percent in the past 12 months. The stock set a new 52-week intraday low of $8.87 on Wednesday.
-CNBC's Christine Wang contributed to this report.