The legendary company reported it posted a sales increase for the second consecutive quarter, continuing the strong performance by firearms producers. Smith & Wesson enjoyed net second quarter sales of $125 million, which marked an almost $4 million surge from the same quarter in 2022.
Not only is this figure a 3.2% increase, it put the venerable company ahead of the percentage rise in the FBI’s NICS background checks that accompany sales through licensed dealers.
Smith & Wesson CEO Mark Smith released a statement celebrating the company’s strong performance.
“Top line revenue and unit shipments were both up versus last year, while channel inventories actually decreased slightly in the period. This robust sell through, combined with our shipments outperforming NICS in the quarter by over 7%, underscores our belief that our strong performance was due to share gains at the retail counter.”
This followed robust sales enjoyed by Smith & Wesson in the previous quarter. Net sales reached $114.2 million, a dramatic surge of $29.8 million. This marked a 35.4% increase over the same period in 2022.
Its gross profit margin reached a healthy 26.6%. This came despite having to absorb a significant hit from inflation by taking on increased manufacturing costs.
The National Shooting Sports Foundation (NSSF) tracks gun sales based on FBI data. It noted the strong demand for legal firearm ownership among the American public.
NSSF spokesperson Mark Oliva declared “there are many communities with sustained levels of crime that have not been abated.” Combined with the strong anti-gun push from Washington and on the state level in some areas, this creates a powerful demand among the people to protect themselves.
