Camping World Holdings, Inc. reported results for the fourth quarter and full year ended Dec. 31.
Marcus Lemonis, Camping World chairman and CEO, said the company almost doubled its annual revenue since going public at the end of 2016. Revenue for 2021 was $6.9 billion, an increase of $1.5 billion or 26.9%. Lemonis also noted that the company’s annual net profits more than tripled, reaching $642.1 million, an increase of $297.9 million or 86.5%.
“It is our management team’s plan to continue positioning the company for growth over the next five years,” Lemonis said. “The long-term trends along with our strong cash flow have us focused on three things: growing our business, repurchasing our shares, and returning capital to our shareholders.”
Gross profit was $2.5 billion, an increase of $753.8 million, or 44.3%.
Vehicle inventories were $1.5 billion over the course of the year, an increase of $645.8 million. Of this, new vehicle inventories were $1.1 billion, an increase of $417.8 million, and used vehicle inventories were $406.4 million, an increase of $228.1 million.
During 2021, the company opened 16 locations, which included 12 RV dealerships acquired in 2021, three RV dealerships acquisitions that began in 2020 and one greenfield location. The company now has 175 dealerships and 10 service/retail centers operating in 46 of the 48 contiguous states.
The fourth quarter was also record breaking. Quarterly revenue was a record $1.4 billion, an increase of $243.8 million, or 21.5%, from the fourth quarter of 2020. Gross profit was $484.6 million, an increase of $106.6 million, or 28.2%, from 2020.
