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A drop in travel trailer sales accounted for most of a first-quarter revenue decline for Fleetwood Enterprises Inc., according to a preliminary fiscal report released by the company today (Aug. 4).
The Riverside, Calif.-based recreational vehicle and manufactured housing builder said sales for the quarter, ended July 31, fell 7% to approximately $615 million from last year’s $659 million.
Quarterly sales for wholesale manufactured housing improved 4%, while RV revenues declined by 13% to approximately $423 million from $486 million a year ago.
Fleetwood said travel trailer sales accounted for the bulk of the decline, with preliminary sales off 30% to $103 million compared with $146 million in the prior year.
Motorhome revenues slowed by 6% to about $299 million compared with $318 million in the same period a year ago, while folding trailer sales slipped 4% to about $20 million from $21 million in last year’s first quarter.
“Given current wholesale market conditions, we are pleased with our motorhome sales,” said Elden Smith, president and CEO. “Last year’s first quarter revenues were exceptionally difficult to match, but this quarter compares favorably to most quarters in our recent history.”
Smith said the company’s efforts to improve production efficiencies had pared inventory to “comfortable” levels and that management restructuring had placed “our people in the right jobs.”
He added, “This causes me to be optimistic about our future operating performance.”