Ruger is in ‘a better position to succeed’ after workforce reductions, CEO says

By Christen Smith

Ruger CEO Chris Killoy at a gun shop talking shop with Ruger fans. Photograph taken May 13, 2017. (Photo: Ruger/Facebook)
Sturm, Ruger and Company’s top executive said this week a lean year forced workforce reductions across the company.
Chief Executive Officer Chris Killoy told investors Wednesday the gun maker’s headcount decreased by 28 percent over the 13-month period ending Jan. 31. The cutbacks include 700 positions, including all temporary work positions and 60 indirect labor positions.
“While we reduced production in 2017, we were mindful of the impact that would have on our people, operations and profitability,” Killoy said. “However, we had to make some difficult decisions. We developed a strategic plan focusing on not selling positions vacated through attrition and the reduction of overtime while carefully monitoring our headcount.”
“As a result, Ruger is better positioned to succeed in 2018,” he added.
Ruger reported annual net sales of $522.3 million last year, down 21 percent over 2016 — the biggest on record for federal background checks and by proxy, estimated gun sales. Fourth quarter sales dipped 27 percent to $118.2 million, according to regulatory filings published Wednesday.
Maksim Netrebov, financial analyst and contributing writer at Seeking Alpha, said his calculations show Ruger just closed on

Source: Guns.com