Lemonis Expands on Good Sam’s Good Q2
As the sales of RVs continue to move upward in 2012, so does the performance at Good Sam Enterprises LLC, a key industry player and parent to Camping World Inc.
During an investors’ conference call today (Aug. 15), Good Sam president and CEO Marcus Lemonis expanded upon the company’s second-quarter performance, which saw revenues of $146.3 million, a 13.4% increase over the second quarter of 2011, and net income of $7.2 million, an increase of 38.3% over the previous year.
It was the company’s highest quarter in terms of revenue since 2008.
Lemonis termed the results “impressive” and provided more data to reflect the company’s growth:
- Terming it “exceptional growth,” Lemonis said retail revenues in the quarter grew 19.7% with same-store retail revenues at the company’s Camping World stores up 9.6% in the quarter.
- The company opened 13 new stores in the last 18 months, including one in Spokane, Wash., last week and will be opening two new stores in the next 60 days. New-store sales in some cases are exceeding expectations, he noted.
- Two stores were closed in the last 18 months in order to consolidate operations within specific geographic areas, and a third store, in Junction City, Ore., will be closed soon.
- Good Sam Club membership now totals 1,260,000.
- Revenue from the company’s emergency roadside assistance program was up 7.3% as contracts in force (membership) now totals 384,000, up 10% from a year ago.
- The RV financing loan program has shown “solid growth” with loan volume increasing 21% year-to-date.
- More than 8,000 people attended the company’s Good Sam Rally in Louisville, Ky., in June with retail sales at the event strong.
- Revenue from Camping World stores via the Internet are up 82% for the first six months of 2012, based on an average purchase of $4 more than a year ago. Profitability from mail order and Internet sales would have been higher but were driven down by rising shipping costs.
- The company’s extended warranty program signups grew slightly, now standing at 49,800.