Sturm Ruger Falls as Cabela’s Says Firearms Sales Dropped
Sturm, Ruger & Co. (RGR), the largest publicly traded U.S. firearms maker, fell the most in 10 months today after hunting and fishing store Cabela’s Inc. reported a decline in gun sales.
Shares of Southport, Connecticut-based Sturm dropped 6.7 percent to $63.31 at 3:42 p.m., after declining 7.3 percent for the largest intraday decline since Dec. 18. Smith & Wesson Holding Corp. (SWHC) also fell.
“Starting in August, we saw a significant deceleration in the sales of firearms and ammunition,” Cabela’s Chief Executive Officer Thomas Millner said in an earnings filing today.
Cabela’s, based in Sidney, Nebraska-based, saw a 2.5 percent decline in same-store firearms sales last quarter, Millner said on a conference call. The retailer’s stock reversed losses and gained 0.4 percent to $62.66.
Smith & Wesson, of Springfield, Massachusetts, declined 3.3 percent to $10.78.
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