Gun Sales Booming, Ruger Can’t Keep Up With New Orders
Sturm, Ruger & Company, Inc. recently announced it had received orders for more than one million units in the first...
Sturm, Ruger & Company, Inc. recently announced it had received orders for more than one million units in the first quarter of 2012, and therefore was unable to accept any new orders until the end of May. Ruger’s Retailer Programs were offered from January 1 through February 29 of this year, and that added tens of thousands of new orders to the already-growing demand Ruger was seeing.
Says Ruger CEO Michael O. Fifer, “Despite the Company’s continuing successful efforts to increase production rates, the incoming order rate exceeds our capacity to rapidly fulfill these orders. Consequently, the Company has temporarily suspended the acceptance of new orders.”
The news of one million orders sent Ruger’s stock to a new 52-week high, up $5.18 a share or 12 percent to $47.48 in recent trading, well past its previous high this last 12 months of $46.68, CBS News reports.
Ruger is not alone in brisk sales, though so far it’s the only gun maker to suspend the taking of new orders.
As Fox News reports, “Sales of handguns and ammunition are booming across the country, and retailers say it’s all about the November election. Gun shop owners around the nation told FoxNews.com that sales, brisk ever since President Obama was elected, have spiked upward in recent months.”
“Sales usually increase this time of year with tax returns, but this year has been higher than most,” Mike Weeks, owner of Georgia Gun Store in Gainesville, Georgia, tells FoxNews.com. “People are scared their gun rights are going to be curtailed after the election.”
Weeks has seen his sales up nearly 30 percent of late, and ammunition is in very high demand.
“Usually people come in to buy three or four boxes for target practice. Now they are coming in asking what kind of deals they could get on a case,” he says.