Press release
CarParts.com Reports Record Third Quarter 2020 Results
105% Increase in E-Commerce Sales Drives Another Record Quarter of Gross Profit TORRANCE, Calif., Nov. 9, 2020 /PRNewswire/ -- CarParts.com, Inc. (NASDAQ:
About this update from Carparts.com, Inc.
[{"type":"text","content":"105% Increase in E-Commerce Sales Drives Another Record Quarter of Gross Profit\n\n\nTORRANCE, Calif., Nov. 9, 2020 /PRNewswire/ -- CarParts.com, Inc. (NASDAQ: PRTS), one of the leading e-commerce providers of automotive parts and accessories, is reporting results for the third quarter ended September 26, 2020.\n\n \n \n \n \n \n \n\n \nQ3 2020 Highlights vs. Q3 2019 \nNet sales increased 69% to $117.4 million compared to $69.3 million. Gross profit more than doubled to a company record $43.1 million compared to $21.1 million. Gross margin expanded 620 basis points to a company record 36.7% compared to 30.5%. Net income improved significantly to $1.4 million or $0.03 per diluted share, compared to a net loss of $(1.4) million or $(0.04) per share. Adjusted EBITDA increased almost 4x to $5.1 million compared to $1.3 million. Successfully completed a public equity offering of $60.5 million in net proceeds, which closed on August 18, 2020 and was 3 times oversubscribed.Management Commentary\n\"The investments we made in our technology, marketing and supply chain starting in 2019 enabled us to return to growth and margin expansion beginning in the first quarter of this year and continuing through the third quarter, driving exceptional growth across our business,\" said Lev Peker, CEO of CarParts.com. \"In fact, gross profit and gross margin reached record highs, and we have continued to generate significant year-over-year increases to our bottom line thanks to our focus on positive unit economics, even on the first purchase. Our team has done an incredible job of maintaining our strong performance while addressing the elevated and evolving e-commerce demand.\n\"Currently there are 3 major consumer behavior changes that are helping to propel our growth: a shift from Do It For Me to DIY, a secular shift from offline to online, and more recently, a shift away from public transportation which is combined with the oldest car fleet the country has ever seen. To capitalize on these improvements, we are continuously investing in our business. \n\"Across our organization, we have made exceptional progress in establishing CarParts.com as a modern and scalable e-commerce company. As we look to the fourth quarter and our trajectory into 2021, we will work to further optimize both our back-end and our customer-facing operations. We will continue...