Smith & Wesson Shatters $1 Billion Sales Barrier for the First Time

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posted on June 22, 2021
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Smith & Wesson sales for a 12-month period exceeded $1 billion for the first time in company history, according to figures released last week in the firm’s “Fourth Quarter and Full Year 2021 Financial Results” report. Part of the profit is going to employees, who rose above the pandemic’s variety of challenges and raw material slowdowns to make the record possible. 

“And earlier today, we announced to our employees that this year, we will be distributing over $14 million to eligible employees, which will be 15 percent of each employee's annual wages,” Mark Smith, Smith & Wesson president and CEO said during a June 17 earnings call with investors and stock analysts.

“In addition, the company achieved a very significant milestone in fiscal 2021, surpassing $1 billion in sales for the first time in our 169-year history. As I said, this would not have been possible without all of our employees. And so, in recognition of this milestone, we will also be awarding every employee who is not eligible for our management bonus program a special bonus of $1,200 for a full-time employee and $600 for temporary workers, prorated for the month of service during the fiscal year and to be paid next Thursday, June 24.” 

The company’s official fiscal year 2021 ended April 30, 2021, and, according to the report net sales for the period came in at $1.1 billion. That represents an increase of 100 percent when compared to the same period the previous reporting year—when net sales came in at $529.6 million.

“The results of the past year, in spite of the unthinkable challenges that we faced as a nation and as a company, are a tremendous testament to the resolve of our dedicated employees, the power of the Smith & Wesson brand, and the strength of the partnerships we have with our customers,” Smith said.

“Our employees more than doubled the prior year sales, passed a milestone of $1 billion in revenue, and by every financial and operating metric, have delivered the most successful year in the 169-year history of the company. But most importantly, we have set a rock-solid foundation for the long-term success of the company, with astounding market share growth.”

 

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