Net income was down 46% in the final quarter to $10,249,000 from $18,954,000, on 12% lower sales of $130,617,000 compared to $149,224,000, lapping an 11% decline in Q4 of 2022. The top line weakness came in spite of a 5% increase in NSSF-adjusted NICS checks in the quarter, a metric that broadly tracks retail firearms sales. Units shipped to distributors were down 14% to 337,800, RGR reported, while estimated sales from distributors to retailers declined 3% to 384,700. Gross margin contracted 180 basis points in Q4 to 24.7%.

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