Camping World Holdings has reported results for the second quarter ended June 30, showing total revenue of $1.4 billion, an increase of 13 percent, and an all-time company high.
Record total gross profit, meanwhile, was $416.2 million, an increase of 11.7 percent, while sales of new and used RVs was more than $1 billion, an increase of 6.5 percent.
A record 33,637 new and used RVs sold, which is an increase of 8.5 percent, and a record 21,745 new towable units sold, an increase of 14.1 percent.
Finance and insurance revenue and gross profit was $124.1 million, an increase of 23.7 percent – another all-time high.
“While the early part of the RV selling season was impacted by unseasonal weather, we saw nice improvements as the second quarter progressed and our team did an excellent job of balancing our promotional activity to maintain strong profitability while driving sales growth and dramatically lowering our inventory levels of new RVs,” said Marcus Lemonis, chairman and CEO. “We continue to invest in the growth of RV dealerships through traditional RV acquisitions, new store openings, and the launch of Gander RV Sales which will transform our recently acquired Gander Outdoors’ locations through the integration of RV sales and service. The launch of Gander RV Sales has provided the opportunity to rapidly expand our RV business in key states like Wisconsin, Minnesota, Texas, Michigan, Ohio, Pennsylvania, New York, North Carolina, and Illinois, which represent nine of the top 16 RV states, according to Statistical Survey’s new RV registration data, and accounted for nearly 35 percent of all RV registrations over the past twelve months.”
Camping World will continue to pursue opportunities to expand its customer base and grow its market share in the RV, outdoor and active lifestyle categories.
Recent strategic highlights include:
- Completed six dealership acquisitions and added new RV dealerships in Sioux City, S.D.; Sherwood, Ark.; Nashville, Tenn.; Redding, Calif.; Oklahoma City, Okla., and Newport News, Va., in the second quarter 2018.
- Opened 52 Gander Outdoors stores in key markets with very strong RV registrations in the first half of 2018.
- Added RV sales to the Gander Outdoors stores in Kenosha, Wis., and Fayetteville, N.C., in the second quarter 2018.
- Signed agreement to purchase Russ Dean RV in the Pasco, Wash., market.
- On track to add RV parts, accessories and services to all Gander Outdoors locations and operate co-branded Camping World and Gander Outdoors stores by the end of 2018.
- Announced plans to expand the number of RV sales locations by more than 30 percent through next year with the launch of Gander RV Sales in up to 40 locations, new store openings and continued acquisitions.