Camping World Holdings reported revenue of $7 billion for 2022, an increase of .8%, or $53.3 million, over 2021.
Net income was $351.0 million, a decrease of $291 million, or 45.3%, over 2021.
Used vehicle revenue was a record $1.9 billion, an increase of $191.4 million, or 11.3%, over 2021. New vehicle revenue declined $71.4 million, or 2.2%.
Used vehicle unit sales were a record 51,325 units, an increase of 2,387 units, or 4.9%, while new vehicle unit sales were 70,429 units, a decrease of 7,348 units, or 9.4%.
Same store used vehicle unit sales increased slightly by 0.1%, while same store new vehicle
Floor plan interest expense was $42 million, an increase of $27.9 million, or 197.9%, as a result of the rise in interest rates and the increased average principal balance from higher new vehicle costs, higher borrowings on used vehicles and relief from the new vehicle supply constraints that existed during much of 2021.
“The last several years of strong performance has bolstered our confidence in the long-term prospects of our business,” said Marcus Lemonis, chairman and CEO of Camping World. “In light of the short-term softening of demand and new vehicle margin compression, we recognized the need for aggressive annualized cost reductions, starting in the fall of 2022. This includes reduced headcount, the elimination or reduction of underperforming assets, locations, and business lines, while enhancing the wages and benefits of our employees.”
For the fourth quarter, the company reported revenue of $1.3 billion, a decrease of $97.3 million, or 7.1%, from Q4 in 2021. Its net loss in the quarter was $57.2 million, a decrease of income of $116.5 million, or 196.5%, year over year.
Used vehicle revenue in the quarter was down $19.7 million, or 4.8%, and new vehicle revenue declined $72.6 million, or 13.1%.