Camping World Holdings said it had $1.85 billion in revenue for the third quarter, a decrease of $60.9 million, or 3.2%, compared with the same quarter a year ago.
The company said the drop in revenue was primarily driven by a $45.7 million reduction in product revenues from categories the company exited in 2021 including fishing, hunting and apparel.
Net income for the quarter was $102.9 million, a decrease of $86.4 million, or 45.6%, compared with $189.3 million during the same period a year ago.
Used vehicle revenue was a record $526.0 million for the third quarter, an increase of $6.4 million, or 1.2%, while new vehicle revenue declined $30.2 million, or 3.5%. Used vehicle unit sales were a record 14,460 units for the third quarter, an increase of 829 units, or 6.1%.
Same store used vehicle unit sales increased 2.0% for the third quarter, while same store new vehicle unit sales decreased 7.2%.
For the first nine months of the year, Camping World reported revenue of $5.7 billion compared with $5.5 billion the same period last year. Net income for the first three quarters was $408.2 million, compared with $582.8 million last year.
“In this current environment, our company is focused on growing our overall used RV business, strategic and opportunistic dealership acquisitions and tightening SG&A (selling, general and administrative expenses) and capital expenditures with precision,” said Marcus Lemonis, chairman and CEO of Camping World Holdings.
