Gun companies reckon with declining demand after pandemic surge
Publishing timestamp: 2023-01-18 12:34:58
Summary
Gun sales have fallen from unprecedented levels in 2020 and 2021 to pre-pandemic levels in 2022. Major firearm manufacturers are feeling the financial strain, but are assuring investors that their business models are prepared for the slowdown in demand. The largest publicly traded gunmaker in the US, Sturm, Ruger & Company, reported a 28% year-over-year drop in net sales for the fiscal third quarter. The National Shooting Sports Foundation estimates that new gun ownership fell to 16 million in 2022. Despite the drop in sales, the organization believes that the losses will be recovered during the next surge in sales, which may come during the 2024 presidential election.
Sentiment: MIXED
Tickers: RGR, SWBI, VSTO, AOUT,
Keywords: sturm ruger & company inc, gun control, vista outdoor inc, retail industry, united states, politics, smith & wesson brands inc, business, business news, american outdoor brands inc,
Source: https://www.cnbc.com/2023/01/18/gun-companies-report-declining-demand-for-firearms.html