Officials with Remington Outdoor Company disclosed in a recent quarterly investor call that the company plans to launch two new handguns in the coming months.
The announcement comes after the company’s 3rd quarter financial report showed a steep decline in sales of Remington firearms, with the company saying the market continues to see “double digit” growth in polymer handgun sales, including compact, sub-compact and micro pistol models.
The officials on the Nov. 19 investor call said the two new pistols would demonstrate Remington was “entering that piece of the market where the growth is.”
The company just released the RM380 pistol, a sub-compact, or “pocket pistol,” that takes advantage of the growing popularity of concealed carry handguns in the firearms market.
Remington officials said the RM380 launch was pushed up ahead of the two other new pistols the company plans to launch soon.
In its financial disclosure for the quarter, Remington acknowledged that sales for the company’s flagship 1911 products — which comprises the majority of its handgun offerings — “continued to decline and trend toward the value-priced products.”
The company also said Walmart’s decision to stop selling so-called Modern Sporting Rifles didn’t hit Remington’s bottom line and that the gunmaker “sees no red flags” from Walmart that would effect sales of other Remington products. According to financial reports, Walmart accounts for about 10 percent of Remington’s overall sales.
Company officials admitted Remington’s bottom line has been effected by slowing overall sales in the gun market, but argued restructuring, new manufacturing facilities and better management will help the company’s prospects in 2016.
The fundamentals “are pointing in the right direction, it’s just not an overnight fix,” Remington officials said. “But we’re better positioned as we enter 2016.”