(Image by Steve Buissinne from Pixabay)
(ZEROHEDGE) – Smith & Wesson Brands Inc. stock plunged 21% on Friday after the company reported demand for firearms "has cooled significantly" from the height of the pandemic and social unrest in 2020/21.
The gunmaker reported net sales of $177.7 million, a decrease of $79.9 million, or 31.0%, from the same quarter last year, with analysts warning tough YoY comparisons amid normalizing demand for firearms after a two-year surge.
"Although the firearms market remains elevated and healthy with new entrants, it has cooled significantly from the height of the pandemic surge and seems to now be following pre-pandemic historical demand patterns," CEO Mike Smith said in a statement accompanying the company's third-quarter earnings that ended Jan. 31.
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