Net income dropped 21% in the first quarter to $30,232,000, from $38,192,000 last year, on a 10% decline in sales to $166,575,000 down from $184,377,000, lapping 2021’s record Q1. Estimated sell through from distributors to retailers was 21%, slightly better than the 23% drop in NSSF-adjusted NICS checks for the quarter. Centerfire pistols and MSRs have seen the steepest drop in demand, RGR said. While retail sales have dropped from Q1, 2021, the company has shifted its focus to replenishing distributor inventories as well as its own warehouses, both of which were badly depleted. That includes about 13% of sales ... Log in to view full article.