Ending its fiscal year and first full year with an accessory wing, Smith & Wesson reported a 31 percent increase in annual sales, which pushed total revenue to $722.9 million.
The Massachusetts-based gun maker’s current long-term strategy was credited for “delivering financial and operational results that set a number of new company records,” said James Debney, Smith & Wesson’s president and chief executive officer, in a statement with the results.
According to filings with the Securities and Exchange Commission, total annual sales comprised of $657.6 million from firearms and $65.3 million from accessories. The company netted $94 million in profit, up by $44.2 million from the year before.
Annual revenue for accessories grew by nearly 20 percent. Smith & Wesson told investors in 2014 — when the company acquired accessory maker Battenfeld Technologies — the addition would bring in an estimated $50 million annually. The gun maker beat out that expectation by $15.3 million.
“In our first full year of accessories revenue, we expanded our product portfolio organically as well as through a targeted acquisition, delivering double-digit top line revenue growth,” Debney said, adding senior managers are expecting a strong balance sheet in FY2017.
Closing out the fourth quarter, net sales were $221.1 million, an increase of 22.2 percent over the fourth quarter last year. Of which, firearms made up $203.7 million and accessories $17.5 million.