Camping World Holdings, a retailer of recreational vehicles (RVs) and related products and services, reported that revenue increased by $530.5 million to $1.558 billion for the first quarter, according to a Tuesday (May 4) announcement.
The company also reported that net income grew by $161.6 million to $147.4 million and encompassed $3.6 million in long-lived asset impairment and restructuring costs connected with the 2019 Strategic Shift. It also said that gross profit grew by $217.8 million to $520.5 million.
Camping World Holdings said that pre-owned vehicle inventories were up $39.1 million, while new vehicle inventories were down $338.7 million.
“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 [Earnings Before Interest, Taxes, Depreciation, and Amortization] EBITDA of $640 million to $690 million to a revised Adjusted EBITDA of $770 million to $810 million,” Camping World Holdings Chairman and CEO Marcus Lemonis said in the announcement.
The news comes as Camping World revealed the details on its new peer-to-peer RV Rental offering.
To that end, the program will link owners and renters with the aim of making the most of the owner’s return on investment. The platform will come with motorized and towable RVs.
Camping World RV Rentals will be open for listings on May 14.
In addition, Camping World recently announced that it had purchased Nomad Reservations, a campground booking and management system that goes by CampgroundBooking.com.
The firm said the addition of Nomad’s eCommerce functionalities would offer different unique data points and trip-planning tools that customers can harness to plan future trips while letting the retailer provide tailored and relevant marketing communications.
Beyond the Nomad Reservations acquisition, Camping World also recently said it would now take bitcoin payments through a new partnership with BitPay.
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