Gun Sales Strong Ahead Of Election Day, Says Sturm, Ruger

Gun Sales Strong Ahead Of Election Day, Says Sturm, Ruger

LAS VEGAS, NV – JANUARY 19: Norissa Harman from Girls with Guns Clothing looks at a rifle at the … [+] Gun sales remain strong during the COVID-19 pandemic as Election Day draws closer. With the president election just days away, prominent gunmaker Sturm, Ruger RGR -0.7% reported strong quarterly profits and revenue, as fears of coronavirus, civil unrest and gun control drove sales in the last three months of coronavirus pandemic. Sturm, Ruger reported net sales of $145.7 million and diluted earnings of $1.39 per share for the quarter ended Sept. 26, 2020, compared to net sales of $95 million and diluted earnings of 27 cents during the same period last year. That’s a one-third gain in sales, and nearly quadruple the earnings of last year. “Consumer demand showed no signs of letting up during the quarter as concerns about personal protection and home defense were stoked by civil unrest in some cities around the United States,” said Chief Executive Officer Christopher Killoy in a company statement. He also attributed the sales boost to “the call, by some, for the reduction in funding and authority of law enforcement organizations, and the continuing COVID-19 pandemic.” The gunmaker’s stock price was volatile in early trading Thursday, despite the strong earnings reported after the close of trading the night before. The strong sales have depleted the stock of firearms inventory for Sturm, Ruger as well as retailers across America. “As a result of unprecedented demand, inventories remained significantly reduced at all […]

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