Winnebago Hints at a Sustained Lift From COVID-19 Travel Changes
Investors were bracing for bad news from Winnebago (NYSE: WGO) in its third-quarter report this week because its retailing operations were closed through most of the period. On Wednesday, the recreational vehicle giant did announce a brutal sales shortfall and modest losses. But management also revealed increasing market share while pointing to a few metrics that suggest a sharp rebound could be in the cards over the next few quarters.
Let's jump right in.
Fiscal Q3 covered the sales months of March, April, and May, and so it was heavily impacted by COVID-19-related social-distancing efforts that closed dealerships around the country. As a result, Winnebago reported a painful 41% sales decline compared to a 13% increase in the prior quarter. "Our third fiscal quarter was a uniquely challenging time," CEO Micheal Happe said in a press release.
Source Fool.com
