Camping World Holdings Inc. reported revenue for the second quarter of $1.5 billion, a 2.3% increase from the year-ago period.
Marcus A. Lemonis, chairman and CEO, said, “For the second quarter, our company generated record revenue of nearly $1.5 billion and sold an all-time high of 33,715 new and used recreational vehicles. Despite some of the headwinds across the new RV market, which were evidenced by a significant decline in both new RV wholesale shipments and RV registration reports, we grew both revenue and unit volume and achieved close to $100 million in adjusted EBITDA in the quarter. While some of the broader macro factors impacting the RV industry are outside of our control right now, we are focused on optimizing our assets and improving the RV consumer experience.”
Second-quarter highlights and year-over-year financial comparisons:
• Revenue increased 2.3% to $1.474 billion.
• Gross profit decreased 0.6% to $410 million.
• Income from operations, net income and diluted earnings per share of Class A common stock were $90.3 million, $52.6 million, and 46 cents, respectively.
• Adjusted EBITDA decreased 27.9% to $99.2 million.
• The number of active customers increased 25.8% to 5.25 million and the number of Good Sam Club memberships increased 13.4% to approximately 2.18 million.
Good Sam Services and Plans Segment
• Segment revenue increased 5.6% to $44.7 million.
• Segment gross profit increased 5.2% to $25.9 million and segment gross margin decreased 23 basis points to 58.1%.
• Segment income increased 2.4% to $21.2 million.
RV and Outdoor Retail Segment
• Segment revenue increased 2.2% to $1,429.7 million.
• Same-store revenue decreased 6.3% to $1.2 billion.
• Segment gross profit decreased 1% to $384 million and segment gross margin decreased 85 basis points to 26.9%.
• Segment income decreased 24.2% to $75.7 million.
• Vehicle units sold increased 0.2% to 33,715 units.
• New vehicle units sold decreased 6.3% to 22,906 unit.
• Used vehicle units sold increased 17.6 percent to 10,809 units.
• Products, service and other revenue increased 5.6% to $264.4 million and gross profit decreased 6.3 percent to $95.8 million.
In addition same-store products, service and other revenue decreased 10.8% to $144.9 million. while Good Sam Club revenue increased 19% to $12.4 million and gross profit increased 29.5% to $9.5 million.
Good Sam Club memberships increased 13.4% to approximately 2.18 million. At June 30, the company operated a total of 227 RV and Outdoor Retail locations, with 151 of these selling new and/or used RV vehicles.
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