Skyline Champion Announces First Quarter Fiscal 2025 Results and Corporate Name Change to Champion Homes, Inc
Source – Business Wire – (Condensed Report) – “I am excited to announce that our shareholders approved our corporate name change to Champion Homes, Inc. during our annual meeting this year. The name change aligns with our previously launched Champion Homes flagship brand supporting a unified Company, our purpose of championing home attainability and the customer experience, as well as the Company’s direct-to-consumer marketing and digital expansion,” said Mark Yost, Champion Homes President, and Chief Executive Officer. “In addition, I am pleased to report Champion Homes delivered strong results for the first quarter of fiscal 2025.Throughout the quarter, we experienced an increase in demand for our homes evidenced by growing sales and backlog. This positive trend reflects the benefits of our strategic investments in expanding our retail footprint and capitalizing on the growing need for attainable housing in the market. As we continue to advance our strategic initiatives, expand our capabilities, and strengthen our value proposition, Champion Homes is ideally positioned to drive growth and deliver value to our shareholders for the foreseeable future.”
First Quarter Fiscal 2025 Results
Net sales for the first quarter of fiscal 2025 increased 35.1% to $627.8 million compared to the prior-year period. The number of U.S. homes sold in the first quarter of fiscal 2024 increased 35.7% to 6,538 driven by sales of $151.5 million from the Regional Homes acquisition and healthy demand in the community sales channel. The ASP per U.S. home sold increased 3.0% to $91,700 primarily due to the higher mix of retail units sold during the quarter. The number of Canadian factory-built homes sold in the quarter decreased to 167 homes compared to 221 homes in the prior-year period due to softening demand in certain markets.
Gross profit increased by 26.6% to $164.2 million in the first quarter fiscal 2025 compared to the prior-year period. Gross profit margin was 26.2% of net sales, a 170-basis point contraction compared to 27.9% in the first quarter fiscal 2024. Gross margin contraction reflects lower ASPs on wholesale new homes sold, a shift in product mix, the ramping of previously idle facilities and the impact of purchase accounting from Regional Homes acquisition.
Champion Homes builds homes under some of the most well-known brand names in the factory-built housing industry including Skyline Homes, Champion Homes, Genesis Homes. Excel Homes, Homes of Merit, New Era, Redman Homes, ScotBilt Homes, Shore Park, Silvercrest, Titan Homes in the USA and Modulaine and SRI Homes in Western Canada.
