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Smith & Wesson's first time gun buyers drive 102% sales jump

Added 03-04-21 07:04:02pm EST - “The Springfield, Massachusetts-based gun retailer reported? net income of? $62.4 million, or? $1.12? per diluted share, compared with? $7.8 million, or? $0.14? per diluted share, for the comparable quarter last year.” - Foxbusiness.com

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Posted By TheNewsCommenter: From Foxbusiness.com: “Smith & Wesson’s first time gun buyers drive 102% sales jump”. Below is an excerpt from the article.

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Firearms sales continued to be a sector that has not sagged during the pandemic with Springfield, Massachusetts-based gun manufacturer Smith & Wesson reporting a 102% sales jump in its fiscal third quarter to $257.6 million, compared with $127.4 million during the same period a year ago.

"Over the past year, millions of our fellow Americans from all walks of life have chosen to empower themselves by exercising their 2nd Amendment rights for the first time," President and Chief Executive Officer, Mark Smith, said in Thursday's earnings release. "Our loyal employees have risen to the challenge – delivering over 1.8 million units in the first three quarters of our fiscal year alone, ensuring that these new members of the shooting sports community were able to choose the highest quality, innovative firearms that Smith & Wesson has been known for since 1852."

The company reported net income of $62.4 million, or $1.12 per diluted share, compared with $7.8 million, or $0.14 per diluted share, for the comparable quarter last year. Smith & Wesson reported a gross margin of 42.6%, compared with 28% for the same quarter last year.

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