Camping World Holdings has reported results for the fourth quarter and full year ended Dec. 31, 2018, showing that revenue increased 12 percent to $4.8 billion compared to last year. Gross profit increased 9.8 percent to $1.4 billion. Good Sam Club members increased by 16.7 percent, or more than 299,400 members.
For the fourth quarter, revenue increased 10.6 percent to $982.4 million, while gross profit increased 3.8 percent to $275.6 million. At Dec. 31, the company operated a total of 227 unique locations, which included 126 co-habited dealership and retail locations, 15 stand-alone dealership locations, and 86 stand-alone retail locations.
At dealerships, revenue decreased 0.8 percent to $717.6 million. Same store revenue decreased 7.5 percent to $593.8 million across the same store base of 105 dealership locations, and gross profit decreased 1.6 percent to $185 million.
Vehicle units sold decreased 1.6 percent to 17,824 units, and new vehicle units sold decreased 6 percent to 11,295 units. Used vehicles units sold increased 7 percent to 6,529 units, while average selling price per unit sold decreased 1.5 percent to $32,542. New vehicles decreased 0.6 percent to $37,938 per unit, and used vehicles increased 1.2 percent to $23,208 per unit. Same store unit volume of new vehicles decreased 13.3 percent as gross profit per vehicle sold, including finance and insurance, decreased 3.5 percent to $8,487.
New vehicle inventory per dealership decreased 19.6 percent to $7.2 million from Dec. 31, 2017; at Dec. 31, 2018, there were 141 dealership locations.
The company closed three dealership locations in the fourth quarter 2018.
Retail revenue increased 84.7 percent to $209.3 million. Same store revenue decreased 3.9 percent to $50.7 million across the same store base of 119 Camping World RV product, parts and accessory locations. Gross profit increased 22 percent to $56.8 million. Included in gross profit was a $4.7 million increase in inventory reserves related to Camping World parts and accessories.
At Dec. 31, 2018, there were 212 retail locations, including 128 Camping World RV product, parts and accessory stores, 60 Gander Outdoors stores, and 24 other specialty stores.
The company closed six Gander Outdoors locations and one Camping World RV location in the fourth quarter of 2018.
