Net income tumbled 58% in the fiscal second quarter ended Oct. 31 to $1,917,000 from $4,546,000 as shrinking gross profit more than offset cost savings below the line, on 4% lower sales of $124,670,000 down from $129,679,000. The bottom-line decline was even worse excluding about $2.5 million in headquarters relocation and Smith & Wesson Academy expenses a year ago. Sell-through by distributors outpaced sell-in, sending distributor unit inventory down over 5% from the end of FQ1 and by 15% year-over-year. SWBI expects fiscal third-quarter sales to increase by 8% to 10% ... Log in to view full article.