Camping World Holdings reported results for the quarter ended June 30 yesterday. Unless stated otherwise, comparisons are to the same period of 2016.
Second Quarter 2017 Summary:
- Total revenue increased 20.1 percent to $1.3 billion.
- Gross profit increased 24.5 percent to $372.8 million, and gross margin increased 102 basis points to 29.1 percent.
- Income from operations increased 32.3 percent to $136.8 million, and operating margin increased 98 basis points to 10.7 percent.
- Net income increased 26.3 percent to $105.3 million, net income margin increased 40 basis points to 8.2 percent, and adjusted pro forma net income increased 41.6 percent to $77.7 million.
“We delivered exceptional record-breaking results in the second quarter,” said Marcus Lemonis, chairman and CEO. “While our business model has traditionally been focused on the RV owner, we see a much broader opportunity to leverage our products and services across the larger base of outdoor lifestyle consumers.”
New vehicle units sold increased 38.2 percent to 21,930.
The average selling price of a new vehicle decreased 4.5 percent to $34,787 in the second quarter of fiscal 2017. The increase in new vehicle units sold was primarily driven by strong consumer demand for new vehicles and a shortage of supply of used vehicles. The decrease in the average selling price of a new vehicle was driven by a higher mix of lower-priced towable units.
Used vehicle units sold decreased 8.4 percent to 9,073, and the average selling price of a used vehicle decreased 0.9 percent to $21,660 in the second quarter of fiscal 2017.
Consumer services and plans revenue increased 5.9 percent to $48.1 million from $45.4 million in the second quarter of fiscal 2016. The increase was primarily driven by increases in vehicle insurance, and Good Sam TravelAssist programs primarily due to increased policies in force, roadside assistance contracts and other increases.