Lincolnshire, Ill.-based Camping World Holdings, which sells RVs and related services and products, reports revenue for the first quarter was down 3.5 percent to $1.03 billion, compared with the first quarter of 2019.
The company said that the revenue drop was due partly to the COVID-19 pandemic but also to a strategic shift the company made in 2019 that saw it divesting locations that did not sell and/or service RVs.
The company said overall net loss for the first quarter was $14 million, compared with $27 million during the year-ago quarter.
“Overall, we are pleased with our first quarter results, especially considering the impact of the pandemic at the end of the quarter,” said Marcus Lemonis, CEO and chairman of Camping World. “With our current expense structure, positioning of our inventory and what we consider to be sufficient liquidity and working capital, we believe we are well positioned to take advantage of the positive trends we are seeing in our business, and to grow market share.”
In the fall of 2019, Lemonis said his company would close “outdoor lifestyle locations” that didn’t fit the company’s plan going forward.
“We believe the sale and/or servicing of recreational vehicles is our core and most important offering, and with the RV and outdoor consumer crossover, we believe there is an opportunity to continue growing our market share and improve our financial performance through the operation of locations with RV sales and/or service and, when feasible, our hunting, fishing and camping products,” Lemonis said then. “We will continue to operate our RV sales and/or service locations under three banners: Camping World, Gander RV and Outdoors, and Gander RV.”
