Camping World Holdings Inc. reported a profit against a loss in the first quarter as sales ran up 51.6 percent. The retailer raised its guidance for the year.
First Quarter Operating Highlights
- Revenue increased 51.6 percent, or $530.5 million, to $1.558 billion;
- Gross profit increased by $217.8 million to $520.5 million, and gross margin increased by 395 basis points to 33.4 percent;
- Income from operations increased by $155.3 million to $168.6 million;
- Net income increased by $161.6 million to $147.4 million and included long-lived asset impairment and restructuring costs of $3.6 million related to the 2019 strategic shift;
- Net income margin was 9.5 percent versus a net loss margin of 1.4 percent for the first quarter of 2020;
- Diluted earnings per share of Class A common stock and adjusted earnings per share diluted of Class A common stock were each $1.40;
- Adjusted EBITDA increased by $153.3 million to $189.3 million and adjusted EBITDA margin was 12.2 percent for the first quarter versus 3.5 percent for the first quarter of 2020;
- Vehicle inventories decreased by $299.6 million. New vehicle inventories were down $338.7 million, and used vehicle inventories were up $39.1 million; and
- Products, parts, accessories, and other inventories increased by $49.6 million to $284.2 million.
Marcus Lemonis, chairman and CEO, Camping World Holdings, Inc. stated, “As a result of our financial performance during the three months ended March 31, 2021, the continued strength of our business and the confidence in our business model, we are raising our 2021 fiscal year guidance of Adjusted EBITDA of $640 million to $690 million to a revised Adjusted EBITDA of $770 million to $810 million.”
Photo courtesy Camping World