Press release
CarParts.com Reports First Quarter 2024 Results
TORRANCE, Calif., May 7, 2024 /PRNewswire/ -- CarParts.com, Inc. (NASDAQ: PRTS), one of the leading eCommerce providers of automotive parts and accessories,
About this update from Carparts.com, Inc.
[{"type":"text","content":"TORRANCE, Calif., May 7, 2024 /PRNewswire/ -- CarParts.com, Inc. (NASDAQ: PRTS), one of the leading eCommerce providers of automotive parts and accessories, and a one-stop shop for vehicle repair and maintenance needs, is reporting results for the first quarter ended March 30, 2024. \n\n \n \n \n \n \n \n\n \nFirst Quarter 2024 Summary vs. Year-Ago Quarter\nNet sales decreased to $166.3 million, down 5% from the year-ago quarter.Gross profit of $53.9 million vs. $62.6 million, with gross margin of 32.4%.Net loss was ($6.5) million, or ($0.11) per share, compared to a net income of $1.1 million, or $0.02 per share.Adjusted EBITDA of $1.1 million vs. $9.4 million.Cash of $46.0 million and no revolver debt.Management Commentary\n\"In the past year, we have marked significant milestones. The successful launch of our mobile app stands out as it now contributes over 8% of our total eCommerce revenue. Additionally, we've captured 38% of our eCommerce revenue from loyal repeat customers, while our website has attracted over 100 million visits, affirming our strong online presence. We also realigned our cost structure to be leaner and more agile,\" said David Meniane, CEO. \n\"We are well positioned to capture the tremendous and growing opportunities within the highly fragmented and underserved four hundred-billion-dollar aftermarket auto parts industry.\nDespite these great achievements, we faced acute pressures throughout the year. However, financial discipline is ingrained in our organizational DNA. Given the evolving market dynamics, we are doubling down on opportunities for margin expansion, particularly centered around pricing optimization, marketing, supply chain and technology. Our endeavors for the remainder of fiscal 2024 will be laser-focused on improving efficiency and profitability to significantly increase Adjusted EBITDA for the years 2025 and 2026, ultimately enhancing shareholder value.\nThrough our continued efforts around our three strategic pillars and an unwavering commitment to efficiency and profitability, we are confident in achieving Adjusted EBITDA growth next year. Looking ahead to the medium term, our aim is to attain a 6-8% Adjusted EBITDA margin while also increasing our free cashflow generation.\"\nFirst Quarter 2024 Financial Results\nNet sales in the first quarter of 2024 were $166.3 million, down 5% from...