Editor's Note: This news item was retrieved and first published through Camping World's website.
LINCOLNSHIRE, Ill. - Camping World Holdings, Inc. announced third-quarter results that reflect the effects of the company’s 2019 Strategic Shift enacted in September of this year. At that time the company’s board of directors voted to shift the company’s focus away from locations that don’t have the ability to sell and/or service RVs, which at that time included 37 Outdoor Lifestyle stores as well as seven retail locations operated by wholly-owned subsidiary TheHouse.com. This restructuring cost the company $76 million, contributing to a $32.3 million loss from operations, $65.3 million net loss and diluted loss per share of Class A common stock of $0.82. Camping World expects to either sell, divest, repurpose, relocate or close 28 of its remaining Outdoor Lifestyle Locations and two of the seven specialty retail locations operated by TheHouse.com.
As of September 30, 2019, Camping World owned 153 locations selling and/or servicing RVs across the country. Revenues in the third quarter increased 6% to $1.39 billion over the previous year, while gross profit decreased 9.3% to $338.5 million. Good Sam remained a money-maker for Camping World, with Good Sam Club memberships increasing 7.7% to more than 2 million and revenue from Good Sam services increasing 17.7% to $12.6 million.