As Cabela’s Inc. prepares the selection of guns it will sell for the holiday season and winter hunting, the outdoor-gear retailer has two plans: one if President Barack Obama is re-elected, and one if he isn’t.

The Sidney, Neb.-based retailer and other companies in the guns-and-ammo business say if Mr. Obama wins a second term they are preparing for a surge in sales—the same as they saw after he was elected in 2008—from buyers fearful the president would back policies to make buying a gun more difficult. If Republican challenger Mitt Romney wins, though, the chain plans to stock more items such as waterproof boots and camouflage hunting gear.

Even though there haven’t been any substantial changes to gun-control laws under Mr. Obama, Cabela’s, Bass Pro Shops, Smith & Wesson Holding Corp. and Olin Corp., the maker of Winchester bullets, are anticipating another bump in sales this winter if President Obama is re-elected.

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