Shares of Sturm Ruger & Co., the largest publicly traded U.S. firearms maker, fell the most in 10 months Thursday after hunting and fishing store Cabela's Inc. reported a decline in gun sales.
Shares of Southport, Connecticut-based Sturm Ruger dropped 6.1 percent to close at $63.70, the biggest one-day decline since Dec. 18. Smith & Wesson Holding Corp. also fell.
“Starting in August, we saw a significant deceleration in the sales of firearms and ammunition,” Cabela’s Chief Executive Officer Thomas Millner said in an earnings filing today.
Cabela’s, based in Sidney, Nebraska-based, saw a 2.5 percent decline in same-store firearms sales last quarter, Millner said on a conference call. The retailer’s stock reversed losses and gained 0.4 percent to close at $62.61.
Smith & Wesson, of Springfield, Massachusetts, declined 2.7 percent to close at $10.82.
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