Smith & Wesson sales off by 47% as demand for firearms drops

Firearm manufacturer Smith & Wesson’s sales were down 47% in the most recent quarter, a drop the company blamed Tuesday on inflation, the cost of home heating and rising interest rates.

Smith & Wesson reported $121 million in sales Tuesday for the three months that ended Oct. 31. That was a decrease of $109.4 million, or 47.5%, from this time last year when it was $230 million.

But last year, pandemic-era buyers were scooping up firearms. Looking before the pandemic, the results announced Tuesday are $7.3 million, or 6.4%, higher than the comparable time period in 2019.

Smith & Wesson said it earned $9.6 million, or 21 cents a share in the quarter compared with $50.9 million, or $1.05 a share, in the same time period last year.

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https://americanmilitarynews.com/2022/12/smith-wesson-sales-off-by-47-as-demand-for-firearms-drops/