Gun company's earnings triple, CEO says sales 'like nothing we've seen before'
July 2020 saw an estimated 1,795,602 gun sales—a new record and an increase of 133 percent over July 2019, according to a Washington Free Beacon analysis of FBI data. July is the fifth consecutive month to set a gun-sales record. Chris Killoy, chief executive officer of Sturm, Ruger & Company, said the current spike in sales is unlike anything he has ever seen. The buying spree shows no signs of slowing down and heavy demand will "sustain itself" into the fall, Killoy predicted.
"Having been in this industry for 30 years, I saw the surge in 1994 before the assault weapons ban took place," Killoy told investors on Thursday. "This is probably the strongest level of demand that I've seen. One of the most significant differences is how it has impacted all levels of the channel and the impact on inventory at all levels."
The spike in FBI background checks and coinciding earnings at the gun-industry giant indicate an explosion of new gun ownership as Americans deal with the coronavirus outbreak and national unrest. FBI background checks indicate 2020 has now seen at least 10 million guns sold—many to first-time buyers and minorities.