Smith & Wesson Shares Plunge As CEO Admits Demand For Guns Has "Cooled Significantly"
Posted: Fri Mar 04, 2022 4:37 pm
Smith & Wesson Shares Plunge As CEO Admits Demand For Guns Has "Cooled Significantly"
I'm seeing guns back on the shelves. Hoping to pick up some new S&W's at better pricesThe gunmaker reported net sales of $177.7 million, a decrease of $79.9 million, or 31.0%, from the same quarter last year, with analysts warning tough YoY comparisons amid normalizing demand for firearms after a two-year surge.
"Although the firearms market remains elevated and healthy with new entrants, it has cooled significantly from the height of the pandemic surge and seems to now be following pre-pandemic historical demand patterns," CEO Mike Smith said in a statement accompanying the company's third-quarter earnings that ended January 31.