Gun maker Sturm, Ruger said this week second quarter net sales dropped 22 percent over last year as competitors continue unloading extra inventory at discounted prices.
Chief Executive Officer Christopher J. Killoy said in a press release Wednesday Ruger raked in a net profit of $25 million between April 1 and July 1 — 44 percent less than second quarter 2016.
The dismal results come after a strong first quarter for the company, which reported $167.4 million in sales — a 3 percent decline over first quarter 2016, when consumer fears of impending gun control stoked demand.
“The second quarter was a challenge for us,” he told investors during a conference call Thursday. “Demand in the second quarter slowed considerably from the prior year.”
Killoy told shareholders in May the company “has a consistent game plan” in good times and bad and expressed certainty the market would fluctuate again this year.