Gun Company's Earnings Triple.
"The movement to Defund Police appears to be a factor..."
"Strong consumer demand for firearms, as reflected by adjusted National Instant Criminal Background Check System (‘NICS') results, combined with a consumer preference for our innovative products, helped us deliver growth and market share gains in our firearms business in fiscal 2020,"
Mark Smith, co-president and co-CEO of Smith & Wesson, said in the company's earnings report.
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.
Millions Buy Their First Gun
Newly-released FBI statistics show that there were more background checks completed last month for firearm purchases than any previous July for which records exist.
“In July 2020, the FBI conducted more than 3.6 million firearm background checks, making it the third highest month on record for checks since the bureau began keeping statistics in 1998, according to new data released on Monday by the agency,” CNN reported. “By comparison, the bureau conducted just over 2 million checks in July 2019.”
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