Press release
CarParts.com Reports Record Fourth Quarter and Full Year 2022 Results
Record Fourth Quarter Sales of $154.5 million, up 12% Year over Year Record Fiscal Year Sales of $661.6 million, up 14% Year over Year 12th Consecutive
About this update from Carparts.com, Inc.
[{"type":"text","content":"Record Fourth Quarter Sales of $154.5 million, up 12% Year over Year \nRecord Fiscal Year Sales of $661.6 million, up 14% Year over Year\n12th Consecutive Quarter of Double-Digit Year over Year Sales Growth\nTORRANCE, Calif., March 7, 2023 /PRNewswire/ -- CarParts.com, Inc. (NASDAQ: PRTS), one of the leading e-commerce 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 31, 2022. \n\n \n \n \n \n \n \n\n \nFiscal Year 2022 Summary vs. Fiscal Year 2021 \nNet sales increased 14% year over year to a record $661.6 million and increased 45% on a two-year stack.Gross profit increased 17% to $230.9 million, with gross margin increasing 100 basis points to 34.9%.Net loss was ($1.0) million or ($0.02) per diluted share, compared to a net loss of ($10.3) million or ($0.20) per diluted share.Adjusted EBITDA increased to $26.1 million vs. $16.8 million, up 56% year over year.Fourth Quarter 2022 Summary vs. Year-Ago Quarter \nNet sales increased 12% year over year to $154.5 million and increased 27% on a two-year stack.Gross profit increased 9% to $51.6 million, with gross margin of 33.4%.Net loss was ($6.2) million or ($0.11) per diluted share, compared to a net loss of ($5.0) million or ($0.10) per diluted share.Adjusted EBITDA of $2.1 million vs. $2.6 million.Management Commentary\n\"2022 was a record-breaking year for us, marking our third consecutive year of double-digit revenue growth. Since 2019, we have more than doubled our revenues and returned the company to profitability by leveraging our positive unit economics. I'm also excited to announce we've built up a robust balance sheet which reinforces our confidence that we can continue to self-fund our future growth without reliance on outside capital,\" said David Meniane, CEO of CarParts.com. \n\"For 2023 and beyond, we continue to put our customers and team members at the center of our strategy and feel prepared to tackle the future with intention, focus, and discipline as we gain market share. We are in a strong position to thrive and continue delivering profitable growth amid whatever changes the market brings us. We believe that doing this will benefit our shareholders in the years to come and grow the intrinsic value of our company.\"\nFiscal Year ...