Camping World Holdings said its revenue in Q1 was $1.5 billion, a drop of nearly 11% – $175.5 million – but that it set a record in the quarter in terms of used vehicle sales.
Used vehicle revenue was a record $444.7 million for the first quarter, an increase of $41.7 million, or 10.4%. Used vehicle unit sales were a record 12,432 units, an increase of 1,456 units, or 13.3%.
New vehicle revenue was $646.8 million for the first quarter, a decline of $188.2 million, or 22.5%; new vehicle unit sales were 13,912 units, a decrease of 5,108 units, or 26.9%.
Products, service and other revenue was $207.7 million for the first quarter, a decline of $7.3 million, or 3.4%. Growth in service and parts revenues partly offset larger declines in direct-to-manufacturer RV furniture revenues.
Same-store used vehicle unit sales increased 7% for the first quarter, and same store new vehicle unit sales decreased 30.6%.
“As we predicted, despite softer new vehicle demand and gross margin in the quarter, we saw record-setting gross profit performance in used vehicles and Good Sam services and plans,” said Marcus Lemonis, chairman and CEO of Camping World Holdings. “What’s most unusual about this moment is the rapid and recent influx of dealership acquisition opportunities, which we haven’t seen since we went public. Based on our acquisition activity year to date, we anticipate the pipeline will fill up, and we plan to capitalize on it.”
Net income in the quarter was $4.9 million, a decrease of $102.4 million, or 95.4%, driven primarily by the pretax $101.4 million decrease in new vehicle gross profit, the $23.6 million decrease in finance and insurance gross profit on fewer vehicles sold, the $16.8 million increase in other interest expense, net, and the $14.5 million increase in floor plan interest. This was partially offset from the $19.6 million decrease in selling, general, and administrative expenses and the benefit to income tax expense from these net reductions of pretax income.
