Camping World Holdings reported total revenue of $883.8 million in the recently ended first quarter of 2017, an increase of 10.8 percent over the same period last year.
Other Highlights:
- Gross profit increased 13.3 percent to $251.8 million and gross margin increased 62 basis points to 28.5 percent
- Income from operations increased 24.5 percent to $69.8 million and operating margin increased 87 basis points to 7.9 percent
- Net income increased 30.9 percent to $49.4 million, net income margin increased 86 basis points to 5.6 percent and adjusted pro forma net income increased 46.2 percent to $31.6 million
- Basic and diluted earnings per share for the first quarter of 2017 were $0.39 and $0.37, respectively, and adjusted pro forma earnings per fully exchanged and diluted share for the quarter increased 47.2 percent to $0.38
“Trends across our business continue to be very strong and we are very pleased with our first quarter financial results,” stated Marcus Lemonis, chairman and CEO. “Being the only provider of a comprehensive portfolio of services, protection plans, products and resources for RV enthusiasts and the largest national network of RV-centric retail locations in the United States, we are benefiting from the continued growth in the installed base of recreational vehicles and strength in the lower priced towable market.”
New vehicle units sold increased 30.9 percent to 13,763 and the average selling price of a new vehicle decreased 5.9 percent to $36,663 in the first quarter of fiscal 2017. The increase in new vehicle units sold was primarily driven by strong consumer demand for new vehicles and a shortage of supply of used vehicles. The decrease in the average selling price of a new vehicle was driven by a higher mix of lower-priced towable units.
Used vehicle units sold decreased 18.8 percent to 6,516 and the average selling price of a used vehicle increased 0.9 percent to $22,479 in the first quarter of fiscal 2017. The decrease in used vehicle units sold was primarily driven by reduced inventory availability and the disposition of the automobile unit business as a result of the distribution of the AutoMatch business in the second quarter of 2016.
Total revenue increased 10.8 percent to $883.8 million from $797.7 million in the first quarter of fiscal 2016.
Consumer services and plans revenue increased 11.7 percent to $50.2 million from $45.0 million in the first quarter of fiscal 2016. The increase was primarily driven by increases in consumer show exhibit and admissions revenue, club memberships, roadside assistance contracts, and vehicle insurance written premiums.
Retail revenue increased 10.7 percent to $833.6 million from $752.8 million in the first quarter of fiscal 2016. Within the retail segment, new vehicle revenue increased 23.2 percent to $504.6 million, used vehicle revenue decreased 18.1 percent to $146.5 million, parts, services and other revenue increased 2.4 percent to $116.2 million and finance and insurance revenue increased 29.9 percent to $66.3 million.
Finance and insurance net revenue as a percentage of total new and used vehicle revenue increased to 10.2 percent from 8.7 percent in the first quarter of fiscal 2016, and benefited from a sales mix shift toward new lower-priced towable units and higher penetration rates.
Gross profit increased 13.3 percent to $251.8 million and gross margin increased 62 basis points to 28.5 percent from the first quarter of fiscal 2016.