April RV Tracker: NorthAm Retail Revs likely down low-teens % y/y, slightly “less bad” than March but still “not good”.

研报英文原文证据摘录

April RV Tracker: NorthAm Retail Revs likely down low-teens % y/y, slightly “less bad” than March but still “not good”.

resh, +50bps of retail revenue market share y/y in April following March’s -60bps. THO expects

the Keystone brand to see meaningful market share gains in 2H26 as the refreshed lineup reaches retail customers in volume.

■By comparison, THO’s FY2026 (August 2025-July 2026) earnings guidance assumes a low-single-digit decline in North American

Towable and low-single-digit gain in North American Motorized retail volume market share. While now nine months into the year,

after April’s -70bps y/y Towable volume share and +550bps y/y Motorized volume share results, FYTD Towable and Motorized

volume share are tracking ahead and slightly below at the midpoint, at -60bps and +140bps y/y, respectively.

○Shipment Trends: TRACKING ABOVE THO’S EXPECTATIONS FOR THE INDUSTRY. For their FY26 (Aug-Jul) THO expects a

mid-teens North American industry retail decline. At the midpoint, this implies a ~15% decline in wholesale shipments. While now

nine months into the fiscal year, shipments are tracking above THO’s expectations at -7.6% y/y.

• WINNEBAGO INDUSTRIES (WGO, Buy) (Fiscal 3Q26 Mar-May)

○Retail Market Share Trends: -90bps of retail revenue market share y/y in April following March’s -10bps. At FY2Q26 earnings,

WGO reiterated expectations for FY26 volume share gains in multiple areas of the portfolio. Now eight months into the fiscal year,

FYTD volume share gains/losses for the brands mentioned include: Winnebago Towables +10bps y/y (+30bps in April), Grand

Design Travel Trailers -60bps y/y (-10bps in April), Grand Design Class C +280bps (+150bps in April), and Newmar Class A -10bps

(-110bps in April) and Class C +60bps (+50bps in April).