Camping World (CWH) BofA Securities Consumer and Retail Conference 2025 summary

Market overview and industry trends

• Achieved record market share in both new and used RVs, surpassing 11% of the overall market in 2024.

• Despite strong sales, bottom line results in 2024 did not meet internal standards, prompting a strategic repositioning for 2025.

• Industry is considered heavily destocked after 36 months of inventory cleansing, with bullish outlook for growth.

• Web and foot traffic, bank flexibility, and manufacturer price responsiveness signal early signs of industry recovery.

• Record sales weekends in Q1 2025 indicate strong consumer demand, with expectations to break 31,000 units for the quarter.

Market share strategy and goals

• Gained significant new unit market share in 2024 by focusing on price elasticity and negotiating 20-25% price reductions with manufacturers.

• Targeting over 12% total market share in 2025, with a longer-term goal of reaching 15% in the next 3-4 years.

• Store count expansion to 300+ over five years is considered, but only if it aligns with profitable growth.

• Market share growth is mandated for both new and used segments, with no cap as long as profitability is maintained.

Inventory and product strategy

• Inventory planning occurs 4-6 months in advance, with a focus on aligning product offerings to customer affordability.

• Contract manufacturing and private label brands like Coleman and Eddie Bauer now represent about 40% of business, providing margin and freight advantages.

• Aggressive inventory stocking and advocacy for industry-wide restocking to support overall market health.

• Manufacturers are encouraged to overdeliver by 5,000-15,000 units above retail to rebuild industry confidence.