Camping World 3Q Revenue Up, Income Down

Camping World Holdings Inc. reported a 6.2% increase in revenue to $1.3 billion for its third quarter, ended Sept. 30. Net income during the period was $47.9 million, or 38 cents per diluted share, compared with $83.7 million, or 66 cents per diluted share, a year ago.

Other highlights include:

  • Gross profit increased 5.9% to $376.3 million and gross margin was flat at 28.7%.
  • Adjusted EBITDA decreased 17% to $100.1 million
  • The number of active customers and Good Sam Club members reached all-time high levels of 4.5 million and 2 million, respectively.
  • At Sept. 30, the company operated a total of 227 unique locations, which included 136 dealership locations, 129 Camping World RV products, parts and services locations (including 115 co-located with a dealership), 60 Gander Outdoors locations (including 5 co-located with a dealership), and 22 other retail locations.

Chairman and Chief Executive Officer Marcus Lemonis stated, “We have spent the last 15 years building a unique business that combines a comprehensive portfolio of RV products and services with iconic industry brands, a large customer database, leading size and scale, a core of high-margin recurring revenue products and services, a variable cost structure, and a capital efficient model. In a highly fragmented industry that is primarily comprised of smaller independent operators, we believe we have a strategic operating advantage. No RV dealer in the industry has more combined resources, experience and scale than Camping World, and our model was designed with the goal navigating through the various ups and downs of the industry and delivering long-term profitable growth.

“At a time of excess channel inventory, rising input costs, rising interest rates, volatility in the stock market and uncertainty around the broader economy, we aggressively managed our RV inventory levels, controlled SG&A expenses, stayed disciplined on our pricing, and focused on margins and cash flow. This allowed us to generate more than $100 million of adjusted EBITDA in the third quarter and put us in an opportunistic buying position over the next several months.”

Consumer Services and Plans

  • Revenue increased 12.7% to $52 million.
  • Gross profit increased 17.1% to $30.5 million and gross margin(2) increased 219 basis points to 58.7%.
  • The number of participants across our Consumer Service and Plans offerings increased 8.5% to 3 million.
  • The company added 95,876 Good Sam Club members in the third quarter 2018 and membership reached an all-time-high of more than 2.0 million members, an increase of 12.8% from the third quarter 2017,


  • Revenue increased 0.7% to $1.076 billion.
  • Gross profit(2) decreased 1.5% to $277.8 million and gross margin decreased 59 basis points to 25.8%.
  • Vehicle units sold increased 2.3% to 28,288 units.
    • New vehicle units sold increased 2.1% to 19,512 units.
    • Used vehicles units sold increased 2.6% to 8,776 units.
  • Average selling price per unit sold decreased 2.8% to $31,641.
    • New vehicles decreased 4.3% to $35,738 per unit.
    • Used vehicles increased 2.9% to $22,534 per unit.
  • New travel trailer units sold as a percentage of total new units sold increased 193 basis points to 67.2%, contributing to the decrease in average selling price per vehicle.
  • Same store unit volume of new vehicles decreased 4.5%, with towables down 1.5% and motorized down 19.6%.
  • Gross profit per vehicle sold including finance and insurance decreased 5.1% to $8,581.
  • Finance and insurance revenue as a percentage of total vehicle revenue increased 103 basis points to 12.2%.
  • New vehicle inventory per dealership decreased 12.2% to $6.7 million from Sept. 30, 2017.
    • New motorized unit inventory per dealership decreased 38.1%.
    • New towable unit inventory per dealership decreased 1.8%.


  • Revenue increased 52.6% to $184.5 million.
  • Gross profit increased 44.4% to $67.9 million and gross margin decreased 209 basis points to 36.8%.
  • Retail same store sales decreased 10.1% across the same store base of 116 Camping World RV products, parts and services stores.
  • At Sept. 30, there were 129 Camping World RV products, parts and services locations, 60 Gander Outdoors locations, and 22 other retail locations.
  • The company closed one Gander Outdoors location in the third quarter.

To view the full report click here.


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