Last week, I noted the strong sales of guns — and now, particularly, ammunition. Among other things, I pointed out that no retailers around here, even the local gun shop with high prices, seem to have .380 pistol ammunition in stock.
Ruger makes an extremely popular concealed carry weapon, the LCP, chambered in .380. It’s so small, it can literally fit in the palm of an average man’s hand. And while .380 isn’t the most powerful cartridge, the LCP can hold seven rounds. Our local gun shop cannot keep them in stock, and only sells them on a wait list. No doubt this is one reason why Sturm Ruger’s stock is trading near its 52-week high. (Also, Smith & Wesson released earnings data last night: Adjusted net income for the third quarter 2008 was $9.2 million, compared to $3.7 million in the 2007 third quarter.)
Anyhow, I wondered if the popularity of the LCP, and the shortage of .380 ammunition, were unique to our area. A story today from Tulsa suggests otherwise:
The surprise sales come with .380 caliber semi- automatic pistols. A relatively small self-protection weapon, it’s not one that people typically fire in great quantity at the firing range, Prall said. Yet, the ammunition is now hard to find. “Nobody would have predicted that,” he said.
“We ran completely out here of 9 mm and .380,” said Johny Mathews, product and service manager at the U.S. Shooting Sports Academy on East 66th Street North. “We were begging, borrowing and stealing from wherever.”
Concealed-carry classes at the academy are booked through April. “We used to do 15-person classes, and now we do 24 because of the demand,” he said.
Mathews believes that politics are partly to blame, but the economy also has people worried. “It’s 50/50, I think” he said. “When people lose jobs and get desperate, good people can sometimes do bad things. People hear more about home invasions, robberies, and they think it will only get worse. Then they’re afraid they might lose their guns or ammo, so they stock up.”
Sales are so intense that Stone has limited sales of .380 ammo to one box per customer at Dong’s. He has .380-caliber handguns for sale, and likes to be able to sell ammunition to whoever buys a gun, he said.
A shipment of 10 Ruger .380 LCP handguns was sold in 24 hours this week — seven the first day, three the next. “Last week I had 28 boxes of .380, rationed to one per person, and it was gone in three days,” Stone said.
Academy Sporting Goods stores also are low on .380 ammo. “The other day we got 16 boxes of .380 and a guy came in first thing and bought all 16,” said Jon Ide, hunting and fishing sales associate at the 41st Street store. “A few people are doing all the buying, and it’s the people who are trying to just get a box or two that can’t find any.”
I’m just glad I got my LCP, and a good supply of .380, when I could. Now, if only I’d invested an equal amount of money in Sturm Ruger stock at the same time…