The ONLY positive thing to come out of 8 years of Barack Obama was record firearms sales. Firearm and firearm accessories manufacturers recorded a number of extremely profitable sales amidst the fears of Obama managing to enact anti-American gun control laws.
Chance are those record sales would have continued had Hillary Clinton won the election in 2016, but she didn’t and panic buying slowed down more than gun manufacturers anticipated. American Outdoor Brands, owner of Smith & Wesson has seen sales drop to the extent that Standard & Poors downgraded their credit to junk status.
Now the popular firearm’s company is slashing prices in an attempt to sell surplice stock and avoid being forced into bankruptcy.
(Newsmax) – American Outdoor Brands Corp. dropped to a two-year low after the maker of Smith & Wesson firearms lowered its annual profit target and said steep price cuts would continue for the near future.
Gunmakers aren’t reducing production enough to meet lower demand, Chief Executive Officer James Debney said on a conference call with analysts. Fear-based motivation for purchases has been replaced by the search for bargains, he said.
“We have to defend our position and weather the storm — ultimately until there’s a better balance between those production rates and the consumer demand,” he said after the close of regular trading Thursday. It’s unclear how long the discounting will continue, he said…
Even though Black Friday set a new record high for FBI background checks, the sales were still not enough to prevent Smith & Wesson from remaining in the red. Their desperate measure in slashing prices should make many of their firearms to be more affordable Christmas gifts this year. Shop around and take advantage and help prevent one of America’s premier firearm companies from closing their doors.