Net loss was $2,165,000 against a profit of $35,222,000 in the fiscal first quarter ended Jul. 31 as revenues plunged 38% to $129,021,000 from $206,951,000 and gross margin tumbled 1080 basis points to 31.5% on heavy promotional costs and manufacturing deleverage. Wholesaler and retailer orders remained soft on weak consumer demand comping against last year’s buying frenzy following the Orlando shooting and leading up to an election most feared would be won by gun-grabbing democrats. And AOBC’s successful promotion for the M&P Shield pistol last quarter pulled sales forward out of Q1 as retailers stocked up.

Firearms segment revenue was down ... Log in to view full article.