Freedom Group, Inc., the parent company of Mountain Khakis, Remington and several other firearms and ammunition brands, said sales slipped 11.9% for the third quarter ended Sept. 30 to $207.6 million from $235.7 million a year ago.
Net sales for the Other Business division, which includes Mountain Khakis, were $7.7 for the quarter, an increase of $2.9 million as compared to the prior-year period. Primary changes within the all other businesses consisted of an increase of $3.3 million in the company’s various accessories businesses, an increase of $1.0 million in its apparel businesses, offset by a decrease of $1.1 million in the targets business, which the company ceased operations in and sold in 2009.
Freedom Group, through its Remington subsidiary, acquired Charlotte, NC-based Mountain Khakis in May of this year for an initial investment of $3.3 million and a total of approximately $6.0 million, the final $900,000 of which is to be paid in the next year. 75% ownership interest in Mountain Khakis.
Freedom Group assumed $1.6 million of Mountain Khakis debt with the venture.
The company said total inventory for the Mountain Khaki business was $1.1 million for they year to date.
