Smith & Wesson is one of the world’s biggest gun manufacturers. In America, when most people think of reliable firearms, S&W is one of the first brands that comes to mind. They’ve been around for over a century. In that time, they’ve built a loyal customer base that spans generations. That consumer confidence combined with already-soaring gun sales has set the manufacturer up for yet another record year.
According to a Masslive report, Smith & Wesson recently announced the earnings for the first quarter of this fiscal year. That quarter ended on July 31. They’re seeing a huge uptick in sales over the previous fiscal year. To date, the previous fiscal year was the best the company has seen in its 100+ year history.
In the final quarter of S&W’s last fiscal year, which ended in April, they reported net sales of $1.1 billion. That, in and of itself, was a massive increase. The year before saw them pulling in a little over half a billion dollars.
Smith & Wesson’s first quarter of this fiscal year shows an even larger increase. For the most recent quarter, the gun manufacturer earned $76.9 million. Last fiscal year, they pulled in $43.3 million.
Smith & Wesson reported net sales of $274 million. This represents an increase of 19.5% or nearly $45 million over the first quarter of the last fiscal year. So, they’re on track to set a new record by next July.
Why are Smith & Wesson’s Sales Soaring?
There are several reasons why gun manufacturers like Smith & Wesson are seeing an increase in sales. For one, the pandemic pushed people to find ways to get out of their homes and away from crowds. As a result, thousands of Americans decided to take up hunting or shooting sports in 2020 and early 2021.
However, this push toward the outdoors isn’t the only reason for increased gun sales. Smith & Wesson and its competitors also benefitted from last year’s heated political climate. As riots, protests, and unrest climbed to new heights, so too did gun sales. Many Americans felt that 2020 was the year to arm themselves against attacks.
The current political climate is also fueling Smith & Wesson’s profits. Masslive noted that gun sales spike when a Democrat sits in the White House. This is due to fear of stricter firearm regulations. This year is no exception. The publication reported that there have been 25 million FBI background checks for gun purchases so far in 2021. That is compared to 39 million for the entirety of 2020.
All of these things combined with Smith & Wesson’s wide variety of rifles and handguns and their reputation among gun owners led to soaring sales in 2020 and an even better start to 2021.