Camping World Holdings has reported results for the first quarter ended March 31, showing revenue increased 0.6% to $1 billion while gross profit decreased 1.2% to $298.3 million.
Meanwhile, the number of active customers increased 31.4% to 5.1 million and the number of Good Sam Club memberships increased 17.1% to approximately 2.1 million.
“We are excited about the progress we have made in our business,” said Marcus Lemonis, chairman and CEO. “Our financial results for the quarter and the directional trends in our business were essentially in line with our full year guidance expectations. Consistent with our forecast, we have seen an improvement in sales trends since mid-March that has continued into April and early May, and our outlook for the full year remains unchanged.”
Following the resignation of Roger Nuttall from his position as president of Camping World on Dec. 21, the company took steps during the quarter ended March 31, 2019, to realign the reporting structure of the company including management and internal reporting. As a result of these changes, the company has determined that its reportable segments have changed. The company’s new reportable segments have been identified based on various commonalities amongst the company’s individual product lines, which is consistent with the company’s operating structure and associated management structure and management evaluates the performance of and allocates resources to these segments based on segment revenues and segment profit.
The company has also reclassified a portion of the former consumer services and plans segment, the Good Sam Club and co-branded credit card operations, to the RV and outdoor retail segment, which reflects the synergies of those two programs with the RV and outdoor retail locations.
The Good Sam services and plans segment reported a revenue increase of 4.8% to $47 million. Meanwhile, RV and outdoor retail segment revenue increased 0.4% to $1 billion. Same store revenue decreased 11% to $847.9 million across the same store base of 139 locations, of which 121 sold new and/or used RV vehicles.
Vehicle units sold decreased 5.5% to 23,193 units, while new vehicle units sold decreased 7.9% to 15,016 units. Used vehicle units sold also decreased to 0.9% to 8,177 units. Average selling price per vehicle unit sold decreased 0.1% to $30,595.