Press release
U.S. Auto Parts Reports Record Sales for First Quarter 2020
- Robust Private Label Growth Drives Record Net Sales in Q1 - - Business Momentum Accelerating in Q2 Amid COVID-19 - TORRANCE, Calif., May 6, 2020
About this update from Carparts.com, Inc.
[{"type":"text","content":"- Robust Private Label Growth Drives Record Net Sales in Q1 -\n - Business Momentum Accelerating in Q2 Amid COVID-19 -\n\n\nTORRANCE, Calif., May 6, 2020 /PRNewswire/ -- U.S. Auto Parts Network, Inc. (NASDAQ: PRTS), one of the largest online providers of aftermarket automotive parts and accessories, is reporting results for the first quarter ended March 28, 2020. \n\n \n \n \n \n \n \n\n \nQ1 2020 and Current QTD Highlights vs. Year-Ago Period \nQ1 net sales increased 18% to a company record $87.8 million, with a 42% increase in private label sales. Q1 gross profit increased 48% to $29.8 million, the highest quarterly gross profit in nearly a decade, with gross margin up 700 basis points to 33.9%. Q1 net loss improved to $(1.0) million or $(0.03) per share, compared to a net loss of $(3.6) million or $(0.10) per share. Q1 adjusted EBITDA increased significantly to $4.3 million compared to $(0.1) million. Net sales through the first five weeks of Q2 were up more than 40%.Management Commentary\n\"The momentum from last year has carried into 2020, as reflected by our record sales in the first quarter and by nearly achieving the same amount of adjusted EBITDA as we did for all of 2019,\" said Lev Peker, CEO of U.S. Auto Parts. \"Our turnaround strategy is working, and the actions we took last year to create a lean and efficient operating model have dramatically improved profitability, even amid the new COVID-19 environment.\n\"Since the outset of the pandemic, our top priority has been to ensure the health and safety of our employees and the continuity of operations for our customers. Our three distribution centers are operational as they have been deemed an essential service, and our corporate teams are working from home. We are proud to be operating at full strength. \n\"Our data suggests that there has been an influx of auto parts consumers entering the online market, many of whom are new hobbyists or customers that previously shopped at brick-and-mortar stores. We continue to experience significant growth in Q2 despite the stay at home order and believe we are well-positioned to operate in this new environment.\n\"Looking ahead, we are currently on pace to generate strong sales and adjusted EBITDA growth in the second quarter. Through the first five weeks of the quarter, even with miles driven down 50% across the nation, our net...