CarParts.com, one of the leading e-commerce providers of automotive parts and accessories, has reported its results for the third quarter ended Oct. 2, 2021.
Net 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 was $2.3 million vs. $5.1 million the year prior. The company grew inventory to a record $131.8 million.
Carparts.com management reiterates long-term targets of 20-25% compounded revenue growth and 8-10% EBITDA margin.
Management Commentary
“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.
“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,” Peker concluded.
On Oct. 2, 2021, the company had no revolver debt, no outstanding trade letters of credit and a cash balance of $20.7 million, compared to no revolver debt, no outstanding trade LCs and a $35.8 million cash balance at prior fiscal year-end Jan. 2, 2021.
