Winnebago, the not so popular anymore maker of large, luxurious RV’s has reported it’s quarterly sales are down a staggering 73% from last years numbers.
Based in Iowa, net profits have stumbled to around $3 million down from $11 million a year ago.
They blame the reduction of discretionary spending, reduction of consumer confidence and record high gasoline prices as the cause. The tightening credit market was also partially blamed.
Overall sales have dropped to just over $139 million from $231 million. The RV industry seems to be in it’s 4th straight year of slumping sales.
Winnebago is fighting the situation with reducing it’s overhead by the announcement to let go 30% of it’s workforce at it’s plant in Charles City, Iowa. Hopefully this move will revive the once extremely profitable company to it’s former glory.
