American Outdoor Brands, the largest gun manufacturer and maker of Smith & Wesson, reported that sales fell 33% in the year that ended in April 2018, compared to the previous year, before rising 5% in the most recent year. Sturm Ruger & Co. reported a 21% drop in sales in 2017, and another 5% drop last year. Other smaller gunmakers have also reported declines. Remington filed for bankruptcy in April 2018.
During the administration of President Barack Obama, the fear that the government would crack down on gun sales stoked sales. But under President Donald
Trump, who was elected with the support of the National Rifle Association, those fears have abated — and along with them gun sales have waned. FBI background checks used for gun purchases, a measure of sales, were down 5% last year compared to 2016, the last year of the Obama administration.
"It's an OK business," Stack told CNN Business earlier this year. "It's not a great business."