CarParts.com, Inc. reported its financial results for the second quarter ending July 1 with net sales increasing to $177 million, up slightly year-over-year and up 12% on a two-year stack, the company said.
Other quarterly highlights included:
- Gross profit decreased 2% to $60.4 million, with gross margin of 34.2%.
- Net loss was ($0.7) million, compared to net income of $4.1 million.
- Adjusted EBITDA of $6.3 million vs. $8.3 million.
- Cash of $79.2 million and no revolver debt.
- Repurchased 250,000 shares for $1.05 million during the quarter.
- Launched mobile app on both iOS and Android.
“Q2 2023 marks our 14th consecutive quarter of year-over-year growth and the highest sales level for any quarter in our company’s history. The $79 million in cash on our balance sheet at the end of the quarter is a testament to the strong unit economics and cash generation capabilities of our business.” said David Meniane, CEO of CarParts.com. “For the remainder of the year, we will be executing on six key strategic pillars: eCommerce fundamentals, digital transformation, assortment and catalog, marketing and customer experience, supply chain and logistics, and innovation.”
“CarParts.com has never been better positioned than it is today. As we continue to build a world class organization, focused on our strategic pillars, we believe we are creating a foundation that is making our company significantly more valuable and will benefit our stakeholders for years to come,” Meniane added.