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 This material may not be published, broadcast, rewritten, or redistributed.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
0 Comment(s)
Comments: Show | Hide

Here are the most recent story comments.View All

The views expressed here do not necessarily represent those of FOX23 News.

No comments yet!
Inergize Digital This site is hosted and managed by Inergize Digital.
Mobile advertising for this site is available on Local Ad Buy.