Camping World Holdings reported a total revenue increase of 32.9 percent to $889 million for its fourth quarter and a total revenue increase 21.8 percent to $4.3 billion for the full year ending Dec. 31, 2017.
“We had a very strong fourth quarter and fiscal year and are pleased with the continued performance of our business and underlying trends in the RV market,” said Marcus Lemonis, chairman and CEO of Camping World. “Demand for towable and smaller RVs remained strong throughout 2017, and we made the strategic decision to carry a little more inventory in order to drive volumes and gain market share in the final months of the year.”
The total number of RV units sold increased 36.1 percent to 18,117 units from 13,316 units and the average selling price of a unit sold decreased 4.6 percent to $33,031 from the fourth quarter of 2016.
New vehicle units sold increased 50.4 percent to 12,013 units and the average selling price of a new vehicle decreased 8.4 percent to $38,163. Used vehicle units sold increased 14.5 percent to 6,104 units and the average selling price of a used vehicle decreased 4.9 percent to $22,930.
In the retail segment, new vehicle revenue increased 37.8 percent to $458.5 million, used vehicle revenue increased 9 percent to $140.0 million, parts, services and other revenue increased 48.4 percent to $174.7 million and finance and insurance revenue increased 57.3 percent to $64.8 million.
Included in the parts, services and other revenue was $38.2 million in sales from the outdoor and active sports retail businesses acquired in 2017, including Gander Outdoors, Overton’s, TheHouse.com, Uncle Dan’s and W82.
Finance and insurance, net revenue as a percentage of total new and used vehicle revenue increased to 10.8 percent from 8.9 percent in the fourth quarter of 2016.
Same store sales for the base of 115 retail locations that were open both at the end of the corresponding period and at the beginning of the preceding fiscal year increased 11.9 percent to $655.3 million for the three months ended Dec. 31.
The increase in same store sales was primarily driven by a 18.6 percent increase in new vehicle same store sales, a 34 percent increase in finance and insurance same store sales, and a 3 percent increase in parts, services and other same store sales, partially offset by a 4.9 percent decrease in used vehicle same store sales.
The company operated a total of 140 Camping World retail locations, two Overton’s locations, two TheHouse.com locations, two Gander Outdoors locations, two W82 locations, and five Uncle Dan’s locations as of Dec. 31, compared to 122 Camping World retail locations at Dec. 31, 2016.
“The trends that we have been talking about for the past year remain strong and continue to drive our business. Our focus on towables and the lower priced segment of the RV market allows us to sell to a much wider and more diverse group of consumers than ever before,” said Lemonis. “We began opening our first Gander Outdoors stores in December 2017 and are pleased with the early trends, including Good Sam Club conversion rates at these stores.”
