Camping World Holdings Inc. reported that revenue increased 10.6% to $982.4 million during its fourth quarter, ended Dec. 31, while the company incurred a net loss of $43 million during the period.
Other fourth-quarter highlights included:
-- Gross profit increased 3.8% to $275.6 million and gross margin declined 186 basis points to 28.1%.
-- Loss from operations, net loss and diluted loss per share of Class A common stock were $43.0 million, $71.5 million, and 83 cents, respectively, and included a $40 million goodwill impairment charge and $2.4 million of Gander Outdoors pre-opening costs.\
-- Adjusted EBITDA(1) was $10.3 million.
-- At Dec, 31, the company operated a total of 227 unique locations, which included 126 co-habited dealership and retail locations, 15 stand-alone dealership locations, and 86 stand-alone retail locations.
For the company’s full year revenue increased 12% to $4.8 billion while net income totaled $232.9 million.
Full year highlights and year-over-year financial comparisons include:
-- Gross profit increased 9.8% to $1.4 billion.
-- Income from operations, net income and diluted earnings per share of Class A common stock were $201.0 million, $65.6 million, and $0.28, respectively, and included a $40.0 million goodwill impairment charge and $43.2 million of Gander Outdoors pre-opening costs.
-- Adjusted EBITDA(1) was $312.5 million.
Highlights by segment include:
Consumer Services and Plans
-- Revenue increased 8.5% to $55.5 million.
-- Gross profit(3) increased 8.9% to $33.8 million and gross margin(3) increased 19 basis points to 61.0%.
-- The number of participants across our clubs, roadside assistance, property and casualty insurance, and extended vehicle service programs within Consumer Services and Plans increased 11.1% to 3.1 million.
-- The company added 78,189 Good Sam Club members in the fourth quarter 2018 and membership increased 16.7% year over year to an all-time-high of 2.1 million members.
-- Revenue decreased 0.8% to $717.6 million.
-- Same store revenue decreased 7.5% to $593.8 million across the same store base of 105 Dealership locations.
-- Gross profit(3) decreased 1.6% to $185.0 million and gross margin(3) decreased 21 basis points to 25.8%.
-- Vehicle units sold decreased 1.6% to 17,824 units.
-- New vehicle units sold decreased 6.0% to 11,295 units.
-- Used vehicles units sold increased 7.0% to 6,529 units.
-- Average selling price per unit sold decreased 1.5% to $32,542.
-- New vehicles decreased 0.6% to $37,938 per unit.
-- Used vehicles increased 1.2% to $23,208 per unit.
-- Same store unit volume of new vehicles decreased 13.3%.
-- Gross profit per vehicle sold including finance and insurance decreased 3.5% to $8,487.
-- Finance and insurance revenue as a percentage of total vehicle revenue increased 109 basis points to 11.8%.
-- New vehicle inventory per dealership decreased 19.6% to $7.2 million from Dec. 31, 2017.
-- At December 31, 2018, there were 141 dealership locations.
-- The company closed three Dealership locations in the fourth quarter 2018.
-- Revenue increased 84.7% to $209.3 million.
-- Same store revenue decreased 3.9% to $50.7 million across the same store base of 119 Camping World RV product, parts and accessory locations.
-- Gross profit(3) increased 22% to $56.8 million and gross margin(3) decreased 1,395 basis points to 27.1%.
-- Included in gross profit was a $4.7 million increase in inventory reserves related to Camping World parts and accessories.
-- At Dec. 31, 2018, there were 212 retail locations, including 128 Camping World RV product, parts and accessory stores, 60 Gander Outdoors stores, and 24 other specialty stores.
-- The company closed six Gander Outdoors locations and one Camping World RV location in the fourth quarter of 2018.
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