Shares of Smith & Wesson Brands Inc. after the gun maker reported a drop in demand for its fiscal first quarter.
CEO Mark Smith said the industry experienced its first normal summer slowdown in three years.
Shares of Smith & Wesson Brands Inc. were down Friday morning after the company said demand for its guns returned to pre-pandemic levels. The firearms maker on Thursday had reported net sales to $84.4 million for its fiscal first quarter, a decrease of 69% from the same time last year. Smith & Wesson Chief Executive Officer Mark Smith blamed the"challenging" quarter on the return to normal demand levels and the company needing to correct inventory levels.. Additionally, he said manufacturer orders were"artificially depressed" as the company's partners sold through existing inventories.
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