Press release
CarParts.com Reports Highest Quarterly Sales in Company History
2nd Quarter Sales of $177 million, up Slightly Year over Year 14th Consecutive Quarter of Year over Year Sales Growth TORRANCE, Calif., Aug. 1, 2023
About this update from Carparts.com, Inc.
[{"type":"text","content":"2nd Quarter Sales of $177 million, up Slightly Year over Year \n14th Consecutive Quarter of Year over Year Sales Growth\nTORRANCE, Calif., Aug. 1, 2023 /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 second quarter ended July 1, 2023. \n\n \n \n \n \n \n \n\n \nSecond Quarter 2023 Summary vs. Year-Ago Quarter \nNet sales increased to $177.0 million, up slightly year-over-year and up 12% on a two-year stack.Gross profit decreased 2% to $60.4 million, with gross margin of 34.2%.Net loss was ($0.7) million, compared to net income of $4.1 million.Adjusted EBITDA of $6.3 million vs. $8.3 million.Cash of $79.2 million and no revolver debt.Repurchased 250,000 shares for $1.05 million during the quarter.Launched mobile app on both iOS and Android.Management Commentary\n\"Q2 2023 marks our 14th consecutive quarter of year-over-year growth and the highest sales level for any quarter in our company's history. The $79 million in cash on our balance sheet at the end of the quarter is a testament to the strong unit economics and cash generation capabilities of our business.\" said David Meniane, CEO of CarParts.com. \"For the remainder of the year, we will be executing on six key strategic pillars: eCommerce fundamentals, digital transformation, assortment and catalog, marketing and customer experience, supply chain and logistics, and innovation.\"\n\"CarParts.com has never been better positioned than it is today. As we continue to build a world class organization, focused on our strategic pillars, we believe we are creating a foundation that is making our company significantly more valuable and will benefit our stakeholders for years to come.\" \nSecond Quarter 2023 Financial Results\nNet sales in the second quarter of 2023 were $177.0 million, up slightly from the year-ago quarter.\nGross profit in the second quarter decreased 2% to $60.4 million compared to $61.9 million in the year-ago quarter, with gross margin decreasing 90 basis points to 34.2%, primarily driven by higher outbound transportation costs and product mix.\nTotal operating expenses in the second quarter were $61.3 million compared to $57.6 million in the year-ago quarter. The increase was primarily driven b...