Q1 2024 Camping World Holdings Inc Earnings Call Transcript
Key Points
- Camping World Holdings Inc (CWH) reported a significant increase in new unit sales, with same-store new units increasing by 16% at the start of the year, continuing strong momentum through April.
- The company successfully opened 14 new locations, contributing to its expansion strategy and market presence.
- CWH has effectively managed its inventory, maintaining a disciplined approach that supports its market share growth and financial stability.
- The company has entered into a new parts and aftermarket supplier agreement expected to positively impact financial results going forward.
- CWH's Good Sam and parts and service business segments continue to perform solidly, providing stable and predictable revenue streams.
- CWH recorded a revenue decline of approximately 8% from the previous year, primarily driven by lower used unit volumes.
- The company experienced pressure on used vehicle gross profit, contributing to a decline in adjusted EBITDA for the quarter.
- CWH faced challenges with SG&A expenses, particularly in January and February, due to temporary compression on RV margins from inventory management strategies.
- The company has had to make tough cuts around SG&A to align with its financial targets, indicating potential challenges in operational efficiency.
- CWH is navigating a higher interest rate environment, which has necessitated more intensive negotiations and adaptations with retail lending partners to maintain customer affordability.
Ladies and gentlemen, good morning, and welcome to the Camping World Holdings' Conference Call to discuss financial results for the first quarter of fiscal year 2024. (Operator Instructions) Please be advised that this call is being recorded and the reproduction of the call in whole or in part is not permitted without written authorization from the company. Joining on the call today are Marcus Lemonis, Chairman and Chief Executive Officer; Brent Moody, President; Karin Bell, Chief Financial Officer; Matthew Wagner, Chief Operating Officer; Lindsey Christen, Chief Administrative and Legal Officer; Tom Kim, Chief Accounting Officer; and Brett Andres, Senior Vice President, Investor Relations. I will now turn the call over to Ms. Christen to get us started. Please go ahead.
Thank you, and good morning, everyone. A press release covering the company's first quarter 2024 financial results was issued yesterday afternoon, and a copy of that press release
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