Gun sales continue to shatter records across America, with one gun maker reporting that July sales tripled earnings from the previous month.
According to FBI data, July set a new record with approximately 1,795,602 sales – up 133% over the same month in 2019. It is the fifth consecutive month to set such a record.
Chris Killoy, the CEO of Sturm, Ruger & Company, said they have been overrun with demand and see no sign of it slowing.
"Having been in this industry for 30 years, I saw the surge in 1994 before the assault weapons ban took place," Killoy told investors on Thursday. "This is probably the strongest level of demand that I've seen. One of the most significant differences is how it has impacted all levels of the channel and the impact on inventory at all levels."
His company has reported earnings of more than $250 million during the first six months of 2020.
Killoy said current events are behind the spike in sales.
"This staggering increase in demand appears to be attributable to a few factors," Killoy said. "Number one, concerns about personal protection and home defense stemming from continuing COVID-19 pandemic; protests, demonstrations, and civil unrest in many cities throughout the United States and, lastly, the call by some for the reduction in funding and authority of various law enforcement organizations."
Experts expect the demand to continue into the fall.