The parent of Smith & Wesson reported net income of $3,234,000 compared to $32,483,000 for the second quarter ended Oct. 31 as sales fell 36% to $148,427,000 from $233,528,000 last year when the sell-in of guns to the market reached its pre-election frothiest. Firearms sales plunged 48% to $101.4 million while Outdoor sales were up 20% to $50.8 million with all the growth in outdoor coming from new acquisitions and flat organic growth. Gross margin was off 760 b.p. to 34.2% with firearms gross margin at 29.1% and outdoor products at 44.9%.
AOBC indicated that its forecasts for a turnaround by ... Log in to view full article.