• USA Today, Wednesday, August 27, 2014 8:07 AM

Smith & Wesson says slowing demand hammered its results, with sales in its fiscal first quarter dropping 18% to $131.9 million from $171.1 million in the year-ago quarter. Net income sank 45% to $14.5 million. “We believe that the current environment reflects high inventories industry-wide resulting from channel replenishment that occurred following an earlier surge in consumer buying. That environment, combined with typical seasonality that slows consumer buying activity during the summer, is causing us to lower our financial outlook for fiscal 2015,” CEO James Debney says in a statement.  

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