Smith & Wesson gun sales drop
Sales for Smith & Wesson firearms have plummeted, the gun brand’s owner said Wednesday.
American Outdoor Brands, which owns the gun line, reported that sales fell by 25 percent compared to last year’s fourth quarter, and profit dropped by more than 70 percent for the same quarter, according to CNN.
Sales fell by a third compared to the previous year, and profit sunk by 84 percent overall.
American Outdoor Brands CEO James Debney said the company believes “it will return to slow growth over time” but that there are “still some market contractions we see on the horizon,” CNN reported.
Gun companies have experienced declining sales and profits since President Trump took office.
Trump was backed by the National Rifle Association (NRA) during his presidential campaign and promised not to add new gun regulations.
Data shows firearm sales tend to rise when there are concerns that Democratic leaders could tighten gun laws: Gun sales hit record levels ahead of the 2016 election over those fears.
National calls for gun reform have resurfaced in the wake of several mass shootings including one in February at Marjory Stoneman Douglas High School in Florida that left 17 dead.
A number of retailers, including Dick’s Sporting Goods, stopped selling assault-style weapons following the Stoneman Douglas massacre.