Smith & Wesson Brands Inc. reported firearms sales jumped 140.9% to $229.9 million in the first quarter ending July 31.
Jacksonville Daily Record reported Smith & Wesson tried to diversify its business with the acquisition of a Jacksonville company, Ultimate Survival Technologies, four years ago, but recent sales showed its growth comes from its roots as a pure-play firearms company.
Gun sales have skyrocketed in the past few months amidst the global pandemic and social unrest. According to a New York Times analysis of federal data, Americans bought about two million guns in March; making it the second-busiest month ever for gun sales ever.
“Our record revenue and unit sales during the quarter demonstrates our ability to rapidly respond to increased demand through our flexible manufacturing model and our state-of-the-art distribution facility, delivering outstanding products that resonate with the firearms consumer,” Smith & Wesson CEO Mark Smith said in a news release.