Sales at gun maker Smith & Wesson down

Gun enthusiasts look over Smith & Wesson pistols during the 136th NRA Annual Meetings and Exhibits April 13, 2007 in St. Louis, Missouri. (Scott Olson, Getty Images)
Gun enthusiasts look over Smith & Wesson pistols during the 136th NRA Annual Meetings and Exhibits April 13, 2007 in St. Louis, Missouri. (Scott Olson, Getty Images)
Set Text Size SmallSet Text Size MediumSet Text Size LargeSet Text Size X-Large
Share
Updated: 8/27 8:43 am

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 announced 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 materialized.

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

 

©2014 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Share
Featured Partners
www.eastridgeretirementcenter.com
The newly modeled East Ridge Residence is a must see with its spacious comfortable apartments. Plus, 3 delicious meals daily, geriatric physician, home healthcare services and fun festive activities. Schedule your visit today!
www.ameripriseadvisors.com/james.m.scotchie
Together we can make a confident retirement possible. Simply click to get started with your private wealth advisor. Talk to Jimmy Scotchie, Certified Financial Planner.
www.comcast.com/cable-internet-packages.html
Get started at $79.99 a month for 12 months. Plus, get a $75 VISA® Prepaid card.
 
Supermarket Guru
From The Archives
Scenic City Roots
Through Irish Eyes
Brand News
Prime Mashup
What's Trending
Megan Wise Goes Outside
Stay Connected with WDEF News 12
 
Inergize Digital This site is hosted and managed by Inergize Digital.