“Attributes second quarter drop to retailers overstocking in anticipation of Clinton win.”
Gun sales have gone so soft that Sturm Ruger and Co. closed down its Newport, NH plant for two weeks, an opportunity for some much needed maintenance, said CEO Christopher Killoy in a post earnings call on Thursday morning.
The shutdown happened in July, which was after the Connecticut-based firearms manufacturer’s disappointing second quarter, the results of which were announced Wednesday after market close. But it’s no surprise that slowdown continued, since not only were second quarter sales down by a more than a fifth compared to last year but quarterly future indicators — orders and backlog — declined even more. | More…