Sales at gun maker Smith & Wesson down
SPRINGFIELD (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.
TALK TO US
If you'd like to leave a comment (or a tip or a question) about this story with the editors, please email us. We also welcome letters to the editor for publication; you can do that by filling out our letters form and submitting it to the newsroom.