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Gun Sales Plummet Now That Trump Elected

Image: Gun Sales Plummet Now That Trump Elected

Gun sales have declined. (Dreamstime)

By    |   Friday, 03 Mar 2017 11:41 AM

Gun sales have plummeted now that Donald Trump is elected president, with American Outdoor Brands posting a mixed third-quarter earnings report this week.

Shares for American Outdoor Brands, formerly known as Smith & Wesson, were down more than 6 percent in pre-market trading Friday after the company's earnings announcement, TheStreet reported. American Outdoor Brands posted earnings of 66 cents per share on revenue of $233.5 million.

Analysts polled by FactSet had estimated company earnings of 55 cent per share on $235.3 million in revenue.

"Toward the end of the quarter, consumer firearm purchasing began to cool — a trend that underscores the importance of remaining focused on our strategy to continue growing and balancing our business across the shooting, hunting, and rugged outdoor enthusiast markets," James Debney, American Outdoor Brands' president and chief executive officer, said in a news release, according to CNBC.

CNBC wrote that analysts had warned of a gun sales slowdown after Trump's election, indicating that some of the purchases prior to the November election were linked in part to fears of gun regulation as well as consumer demand for home protection following several mass shootings.

The Hill reported in February that, according to FBI data, background checks on gun purchases declined in January for the second consecutive month. The data showed that the background checks tumbled as much as 20 percent over the same time last year.

There were 2,043,184 background checks processed through the FBI's National Instant Criminal Background Check System in January, compared to 2,545,802 in January 2016, The Hill noted. The decline comes on the heels of 19 straight months of record year-over-year increases under the Obama administration, from May 2015 through November 2016.

"Ammunition sales are as expected for this time of the year compared to years past," Scott Blick, a managing partner at Ammunition Depot, told The Hill, adding that hunting equipment sales remained steady.

"We saw a very large surge in buying heading into the election. Handgun calibers like 9mm have been steady, but sales of .223/5.56 have slowed since the election. Industry contacts tell us this is the pattern they are seeing with firearms as well. Handguns are strong along with hunting rifles, whereas ARs are slower, likely due to the large amount of purchases made in the run-up to the election," Blick added.

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Gun sales have plummeted now that Donald Trump is elected president, with American Outdoor Brands posting a mixed third-quarter earnings report this week.
gun, sales, plummet, trump, elected
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2017-41-03
Friday, 03 Mar 2017 11:41 AM
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