Novemberr 17, 2009
[efoods]Smith & Wesson, the famed American gunmaker once owned by Tomkins, the British conglomerate, expects to nearly double its annual sales in the next three to five years as demand for its firearms soars in the recession. It is not alone.
All over America demand for firearms and ammunition is rising amid concerns that rising unemployment, which passed 10 per cent this month, will lead inexorably to higher rates of crime. Fears of terrorism have also helped to lift demand, as have concerns among gun owners that the Obama Administration may introduce restrictions on gun ownership and impose additional taxes.
Smith & Wesson is expecting sales to rise by 30 per cent to $102 million (£61 million) in the first quarter of the next financial year, after growing by more than 13 per cent this year to $335 million.