Camping World Eyes 12% Market Share in 2025

Core Insights - Camping World Holdings (CWH) reported a relatively flat industry environment but achieved record market share in 2024 and aims for 12% market share in 2025 [1][2][3] Group 1: Market Share and Sales Performance - The company ended 2024 with a combined new and used market share of 11.2% and expects to sell over 130,000 units in 2025, an increase from 121,500 units in 2024 [3][6] - Early 2025 results show promising growth, with January used same-store sales increasing in the high teens and new same-store unit sales up low single digits [2][3] Group 2: Financial Improvements and Cost Management - Management outlined financial targets for 2025, focusing on SG&A improvements and gross margin ranges, with specific cost-cutting measures already implemented [3][4] - The company anticipates significant EBITDA growth in Q1 2025, driven by gross margin improvements and SG&A reductions [4][7] Group 3: Balance Sheet Strength and Capital Management - Recent financial transactions include raising $330 million in growth capital and prioritizing debt reduction, with$288 million in cash at the end of Q4 [4][5] - The company emphasizes a strong balance sheet, with significant free and clear assets, and aims to reduce leverage by the end of 2025 [5][6] Group 4: Industry Outlook and Growth Plans - The industry outlook for 2025 projects retail demand to remain flat at around 350,000 units, with wholesale shipments expected to increase by 10,000-15,000 units [6][7] - Camping World has already acquired six dealership rooftops in 2025 and plans to close four to six more by spring [6][7]