Smith & Wesson gun sales down

Guns sales increased in 2012 after string of high-profile shootings

smith and wesson pistols

SPRINGFIELD, Mass. (AP) – Smith & Wesson is reporting lower sales for the most recent quarter due mostly to falling demand for rifles.

The Springfield-based gun maker said that sales for the quarter were $131.9 million, a decrease of $39.2 million from the same quarter time last year.

Long guns, including modern sporting rifles, drove 87 percent of the first quarter decline.
Smith & Wesson also announced net income for the quarter was $14.56 million, down from $26.4 million in the year-ago quarter.

Gun sales increased in 2012 and early 2013 after high-profile shootings that raised fears of increased gun control regulations, which for the most part, never happened.

CEO James Debney said high inventories of guns across the industry result from dealers restocking after that earlier surge in buying.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s