A recent decline in sales has caused Sturm, Ruger & Co., Inc. to see a $32.9 million decrease in its profit margin, the firearms manufacturer announced Tuesday.
In its first quarter earnings report released Monday, Ruger said it made $137 million in net sales, down from $169.9 million the first quarter of 2014.
Though sales are down, demand for Ruger firearms is up from the fourth quarter of 2014, the company claimed. The increase is due to Ruger’s yearly sales promotions and less competitive pricing from competitors, the company said in a statement.
New products released within the past two years, including the AR-556 modern sporting rifle and the LC9s pistol, account for $22.8 million – or 17 percent – of Ruger’s first quarter sales.