Tags: Gun | Stocks | Firearm | Sales

Gun Stocks Fall as Retailer Reports Firearm Sales Decline

Thursday, 24 Oct 2013 05:21 PM

Shares of Sturm Ruger & Co., the largest publicly traded U.S. firearms maker, fell the most in 10 months Thursday after hunting and fishing store Cabela's Inc. reported a decline in gun sales.

Shares of Southport, Connecticut-based Sturm Ruger dropped 6.1 percent to close at $63.70, the biggest one-day decline since Dec. 18. Smith & Wesson Holding Corp. also fell.

“Starting in August, we saw a significant deceleration in the sales of firearms and ammunition,” Cabela’s Chief Executive Officer Thomas Millner said in an earnings filing today.

Cabela’s, based in Sidney, Nebraska-based, saw a 2.5 percent decline in same-store firearms sales last quarter, Millner said on a conference call. The retailer’s stock reversed losses and gained 0.4 percent to close at $62.61.

Smith & Wesson, of Springfield, Massachusetts, declined 2.7 percent to close at $10.82.

© Copyright 2015 Bloomberg News. All rights reserved.

1Like our page

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

© Newsmax Media, Inc.
All Rights Reserved