Camping World Holdings has reported results for the fourth quarter and full year ended Dec. 31. Full year-over-year operating revenue increased 2.1 percent to $4.9 billion, while gross profit decreased 5.5 percent to $1.3 billion.
“We are very excited about the current direction of our business,” said Marcus Lemonis, chairman and CEO. “Our 2019 results include the impact of our decision last September to strategically shift away from locations where we did not have the ability or where it was not feasible to sell and/or service RVs, and we took aggressive actions to consolidate our retail operations, reduce product inventory levels and reduce overhead. We are pleased that RV sales thus far in 2020 are encouraging, and when coupled with the expected benefits arising out of the 2019 strategic shift, we believe we are well-positioned to generate improved financial performance in 2020 and beyond.”
Income from operations, net loss and diluted loss per share of Class A common stock were $8.7 million, $120.3 million, and $1.62, respectively, and included long-lived asset impairment and restructuring costs of $113.5 million primarily related to the 2019 Strategic Shift away from locations that do not sell and/or service RVs.
Vehicle inventories decreased $10.4 million. New RVs were down $51.8 million; while used ones were up $41.4 million.
Products, parts, accessories and miscellaneous inventories decreased $190.2 million to $225.9 million
Fourth quarter-over-quarter operating revenue decreased 1.8 percent to $964.9 million, while gross profit decreased 12.7 percent to $240.6 million.
In 2019, Camping World made a strategic decision to refocus its business around its core RV competencies and consolidated its non-RV retail business through the closure of a number of stores and liquidation of select products and merchandise categories. In total, the company expects the costs related to the 2019 Strategic Shift to be about $78 million to $88 million.