Camping World Holdings, Inc. slightly reduced its net loss in the first quarter, ended March 31, but significantly improved its operating earnings before non-recurring charges on better margins. Sales rose 3.6 percent as declines in new RV sales were offset by a jump in used vehicles.

Marcus Lemonis, chairman and chief executive officer of CWH, stated, “We made the commitment at the beginning of the year to sell more units and make more money. Our results reflect a material year-over-year improvement in adjusted EBITDA, increasing nearly 4x vs. the prior year, with another period of record new and used combined unit market share. We have not seen any discernable impacts on consumer behavior from tariffs, with our April-to-date same-store unit sales tracking up mid-teens on used and up high-singles on new. Through recent actions to lower headcount and optimize our footprint, we expect SG&A reductions to further improve profitability in the months ahead.”

Matthew Wagner, president of CWH, commented, “Our business continues to exhibit consistent growth in real-time. We remain confident in our guideposts to deliver growth in excess of low-double-digits in used units and low-single-digits in new units, vehicle gross margins within our historical range, and SG&A, as a percentage of gross profit, improving by 600-to-700 basis points. We continue to meet the customers where they want to be met in terms of price and payment, leading to slightly lower than anticipated ASPs to start the year. We are rigorously managing our SG&A as we aim to mitigate any ASP or macroeconomic variability that could persist in the near term.”

First Quarter-over-Quarter Operating Highlights

  • Revenue was $1.4 billion for the first quarter, an increase of $49.5 million, or 3.6 percent.
  • New vehicle revenue was $621.4 million for the first quarter, a decrease of $34.7 million, or 5.3 percent, and new vehicle unit sales were 16,726 units, a decrease of 156 units, or 0.9 percent.
  • Used vehicle revenue was $422.4 million for the first quarter, an increase of $84.7 million, or 25.1 percent, and used vehicle unit sales were 13,939 units, an increase of 3,245 units, or 30.3 percent.
  • Combined new and used vehicle unit sales were 30,665, an increase of 3,089 units, or 11.2 percent.
  • Average selling price of new vehicles sold decreased 4.4 percent, and the average selling price of used vehicles sold decreased 4.0 percent.
  • Same-store new vehicle unit sales decreased 2.0 percent for the first quarter, and same-store used vehicle unit sales increased 28.5 percent. Combined, same-store new and used vehicle unit sales increased 9.8 percent.
  • Products, service and other revenue was $165.0 million, a decrease of $12.9 million, or 7.3 percent, driven primarily by the divestiture of our RV furniture business in May 2024 and a reallocation of service labor toward used inventory reconditioning.
  • Products, service and other gross margin was 48.6 percent, an increase of 580 basis points, driven by the divestiture of the RV furniture business, higher billing rates for service labor, and improved margins on our aftermarket part assortment.
  • New vehicle gross margin was 13.7 percent, a decrease of 19 basis points, driven primarily by the 4.4 percent decrease in the average selling price per new vehicle sold, partially offset by a 4.2 percent reduction in the average cost per new vehicle sold.
  • Used vehicle gross margin was 18.6 percent, an increase of 104 basis points, primarily due to a 5.3 percent decrease in the average cost per unit sold, partially offset by the 4.0 percent lower average selling price.
  • Gross profit was $429.6 million, an increase of $27.2 million, or 6.8 percent, and total gross margin was 30.4 percent, an increase of 89 basis points. The gross profit increase was mainly driven by the $19.2 million higher used vehicle gross profit from the increase in used vehicle unit sales and gross margin as discussed above and $13.2 million higher finance and insurance, net (F&I) gross profit largely from the 11.2 percent increase in combined new and used vehicle unit sales and new F&I offerings. The gross margin improvements for used vehicles and products, service and other discussed above were partially offset by a 511 basis point decrease in Good Sam Services and Plans gross margin to 61.6 percent, primarily due to higher roadside assistance claim costs.
  • Selling, general and administrative expenses (SG&A) were $387.4 million, an increase of $16.0 million, or 4.3 percent. This increase was driven primarily by a $9.6 million increase in employee cash compensation costs, $7.3 million of additional advertising expenses, and a $2.0 million increase in employee stock-based compensation (SBC) expense, partially offset by $4.2 million of reduced legal fees. SG&A Excluding SBC was $380.3 million, an increase of $13.9 million, or 3.8 percent.
  • Floor plan interest expense was $18.3 million, a decrease of $9.6 million, or 34.3 percent, due to lower interest rates and principal balances. Other net interest expenses were $30.5 million, a decrease of $5.6 million, or 15.4 percent, due to lower interest rates and, to a lesser extent, lower principal balances.
  • Net loss was $24.7 million for the first quarter of 2025, an improvement of $26.1 million, or 51.4 percent. Adjusted EBITDA was $31.1 million, an increase of $22.9 million, or 278.0 percent.
  • Diluted loss per share of Class A common stock was $(0.21), an improvement of $0.30, or 58.8 percent. Adjusted loss per share – diluted of Class A common stock was $(0.16), an improvement of $0.24, or 60.0 percent.
  • The total number of our store locations was 209 as of March 31, 2025, a net decrease of six stores from March 31, 2024, or 2.8 percent.

Image courtesy Camping World