Gun Sales Rise As Obama Unveils New Restrictions

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Sales of guns in the US are now rising, just a day after President Obama unveiled new control measures.

According to NBC, shares in Smith & Wesson rose to their highest value since 1999.

Adam McGuffy, a manager at Mister Guns, has said that Obama is great for business.

“Obama is the best gun salesman since Samuel Colt. Every time he opens his mouth and tries to limit gun purchase, it has the complete opposite effect.”

He says many get worried about more restrictions and flock to his and other gun stores to stock up.

The number of background checks on potential buyers has also risen.

Smith & Wesson’s trading update said that for the three months ending 31 January it expected sales to be about $175m-$180m.

The firm said its net profit was $14.2m (£9.46m) for the period, compared with $5.2m for the same period last year.

In December, the company reported that profits had nearly tripled for the three months to October and net sales have increased 38% over the last five years.

Read More: Smith & Wesson Holding Corporation Updates Financial Expectations

 

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