Press release
CarParts.com Reports Record Third Quarter 2021 Results
Record Third Quarter Sales of $141.8 million, up 21% 7th Consecutive Quarter of Year over Year Sales Growth Grew Inventory to a Record $131.8 million
About this update from Carparts.com, Inc.
[{"type":"text","content":"Record Third Quarter Sales of $141.8 million, up 21%\n 7th Consecutive Quarter of Year over Year Sales Growth\n Grew Inventory to a Record $131.8 million\n\n\nTORRANCE, Calif., Nov. 2, 2021 /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 October 2, 2021. \n\n \n \n \n \n \n \n\n \nThird Quarter 2021 Summary vs. Year-Ago Quarter \nNet sales increased 21% year over year to $141.8 million and increased 90% on a 2-year stack. Gross profit increased 10% to $47.3 million, with gross margin of 33.4%. Net loss was ($4.7) million or ($0.09) per diluted share, compared to net income of $1.4 million or $0.03 per diluted share. Adjusted EBITDA of $2.3 million vs. $5.1 million. Grew inventory to record $131.8 million. Management reiterates long term targets of 20-25% compounded revenue growth and 8-10% EBITDA margin. Management Commentary\n\"We saw another quarter of strong year over year growth,\" said Lev Peker, CEO of CarParts.com. \"We also maintained EBITDA profitability while investing heavily into the business. We believe these investments are foundational and that they will be resilient for several years which will spring load our growth and operating leverage over the long run.\"\n\"We are very proud of the work of our international sourcing and supply chain team. In a challenging environment, we were able to grow inventory to record levels. Given our proven track record of sourcing, strong inventory position, and distribution center expansions, we believe we are both able and ready to serve our customers through 2021 and 2022.\"\nThird Quarter 2021 Financial Results\nNet sales in the third quarter of 2021 were $141.8 million compared to $117.4 million in the year-ago quarter. The increase was primarily driven by continued strong demand and the expanded capacity from our Grand Prairie distribution center (\"DC\").\nGross profit in the third quarter increased 10% to $47.3 million compared to $43.1 million in the third quarter last year, with gross margin of 33.4%.\nTotal operating expenses in the third quarter were $51.7 million compared to $41.4 million in the third quarter last year due to an increase in sales and investments in the business.\nNet loss in the third quarter was ($4.7) million compared to n...