Press release
CarParts.com Reports Fiscal Year 2024 Results
TORRANCE, Calif., March 25, 2025 /PRNewswire/ -- CarParts.com, Inc. (NASDAQ: PRTS), a leading eCommerce provider of automotive parts and accessories, and a
About this update from Carparts.com, Inc.
[{"type":"text","content":"TORRANCE, Calif., March 25, 2025 /PRNewswire/ -- CarParts.com, Inc. (NASDAQ: PRTS), a leading eCommerce provider of automotive parts and accessories, and a premier destination for vehicle repair and maintenance needs, is reporting results for the fourth quarter and fiscal year ended December 28, 2024. \n\n \n \n \n \n \n \n\n \nFiscal Year 2024 Summary vs. Fiscal Year 2023\nNet sales decreased 13% to $588.8 million.Gross profit of $196.7 million vs. $229.4 million, with gross margin of 33.4%.Net loss was ($40.6) million, or ($0.71) per share, compared to a net loss of ($8.2) million, or ($0.15) per share.Adjusted EBITDA of ($7.1) million vs. $19.7 million.Cash of $36.4 million and no revolver debt.Our mobile app has cumulative net downloads of over 800,000, more than double the number from the beginning of the year.New semi-automated Las Vegas distribution center fully operational and handling 25% of company volume.Launched a fully re-platformed CarParts.com website featuring an AI based search solution and machine learning based product recommendations.Launched CarParts+ a paid membership that includes roadside assistance and other benefits.Fourth Quarter 2024 Summary vs. Year-Ago Quarter \nNet sales decreased to $133.5 million, down 15% year-over-year.Gross profit of $43.4 million vs. $51.6 million, with gross margin of 32.5%.Net loss was ($15.4) million, or ($0.27) per share, compared to a net loss of ($6.1) million, or ($0.11) per share.Adjusted EBITDA of ($6.8) million vs. $1.0 million.Management Commentary\n\"2024 was an important year in the ongoing transformation of CarParts.com. We began the year by refocusing our strategy on three key elements: number one, driving gross and net margin to strengthen financial performance; number two, accelerating efficiency and effectiveness to quickly deliver improved profitability; and number three, achieving sustainable growth with strong long-term free cash flow.\nThe economic environment was challenging for lower income consumers for all of 2024, leading to a significant pullback in spending and deferral of costs like auto repairs. To address these pressures, we are prioritizing several non-paid marketing initiatives—such as enhancing our site conversion and strengthening our search engine optimization —alongside driving mobile app adoption, generating high-margin fee income, expan...