Press release
CarParts.com Reports Highest Fiscal Year Sales in Company History
Record Fiscal Year Sales of $676 million TORRANCE, Calif., March 7, 2024 /PRNewswire/ -- CarParts.com, Inc. (NASDAQ: PRTS), one of the leading eCommerce
About this update from Carparts.com, Inc.
[{"type":"text","content":"Record Fiscal Year Sales of $676 million\nTORRANCE, Calif., March 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 fourth quarter and fiscal year ended December 30, 2023. \n\n \n \n \n \n \n \n\n \nFiscal Year 2023 Summary vs. Fiscal Year 2022 \nNet sales increased to a record $675.7 million, up 2% and up 16% on a two-year stack.Gross profit of $229.4 million vs. $230.9 million, with gross margin of 33.9%.Net loss was ($8.2) million, or ($0.15) per share, compared to a net loss of ($1.0) million, or ($0.02) per share.Adjusted EBITDA of $19.7 million vs. $26.1 million.Cash of $51.0 million and no revolver debt.Repurchased approximately 1.2 million shares for $4.3 million during the year.Fourth Quarter 2023 Summary vs. Year-Ago Quarter \nNet sales increased to $156.4 million, up 1% year-over-year and up 13% on a two-year stack.Gross profit remained flat at $51.6 million, with gross margin of 33.0%.Net loss was ($6.1) million, or ($0.11) per share, compared to a net loss of ($6.2) million, or ($0.11) per share.Adjusted EBITDA of $1.0 million vs. $2.1 million.Management Commentary\n\"We continued to see strong unit growth of approximately 8% in the fourth quarter. We believe we are taking share from other online players and as consumer confidence rebounds, we are well positioned to support the $389 billion automotive aftermarket and deliver long-term growth.\" said David Meniane, CEO. \"In fiscal year 2023, our team surpassed several company records and reached significant achievements. However, we experienced a slow start to 2024 and we continue to experience a difficult macro environment. \nIn light of these challenges, we have made the tough decision to significantly reduce our cost structure including the elimination of 150 global roles. These decisions are not made lightly but we want to stay agile, protect shareholder value, and realign to the reality of the environment. \nWe continue to believe the strategic priorities and areas of the business we are focused on will lead to long-term shareholder value. We have proven in the past that we can grow and execute change management through difficult environments and now is no different. In addition, we are s...