Glock sales slumped after Trump's first year in office
Austrian gunmaker Glock sold far fewer handguns last year, joining other firearms manufacturers that have seen their sales decline since Donald Trump was elected president.
Glock's handgun sales fell 36 percent in 2017 and revenue declined 35 percent to 464 million euros ($533 million), Bloomberg News reported, citing the private company's annual report. The company's net income slid 58 percent after recording strong profits in 2016.
"Demand normalized in 2017, dealers adapted their excessive stock levels and many competitors had extremely aggressive pricing and promotions," Glock said in the report cited by Bloomberg.
Austria is the largest exporter of handguns to the U.S., accounting for just over a third of the 3.3 million handguns shipped to the U.S. last year, according to federal data.
Glock's results mirror those of American firearms companies, which have also reported decreasing sales after Hillary Clinton's 2016 defeat eased concerns that the government could tighten gun control laws.
American Outdoor, formerly known as Smith & Wesson, saw its profits slide 90 percent in 2017, Mr. Trump's first year in office. The company in March reported sales fell nearly 33 percent in its fiscal third quarter from the year-earlier period, reflecting a "continuation of challenging market conditions in the consumer market for firearms." Its stock price is down roughly 32 percent since the 2016 presidential election.
Remington's bankruptcy filing in March was also seen has having been hastened by the 2016 election. The nation's oldest gunmaker emerged from Chapter 11 in May.
The political headwinds came up at a conference earlier this year at which Vista Outdoor CEO Chris Metz discussed the company's decision to stop making firearms to focus on products such as bullets and bottled water.
"Unexpectedly, the election results turned the shooting sports industry upside down," Metz said, adding "the bottom line is this, the company grew too fast and beyond its core."
