The gun industry continues to show signs of a trend that started since president Trump was voted into office.
A sample-sized portion reported by CNNMoney, shows American Outdoor Brands’ – the holding company for the gun manufacturer Smith & Wesson – took a 90% drop in quarterly profits when compared to last year at the same period.
“Total revenue for the quarter faced a challenging comparison to last year, when we believe strong consumer demand was driven by personal safety concerns and pre-election fears of increased firearm legislation,” said CEO James Debney, in a statement.
Debney’s comments highlight what’s gone “wrong” across the gun industry since the start of 2017.
Last year produced record numbers for gun sales across the board, driven primarily by fear that President Obama and candidate Hilary Clinton were on some kind of gun control mission following an onslaught of deadly mass shootings. After the victory of Donald Trump was announced, however, all of that panic subsided, and gun sales industry-wide cooled off tremendously.
“The firearms industry is still suffering from continued malaise in retail sell-through due to the Trump Slump,” said Rommel Dionisio, a gun industry analyst for Aegis Capitol Corp. He reportedly went on to say “manufacturers and retailers are still dealing with an inventory backlog, because they stocked up prior to the election expecting stronger sales.”