CarParts.com's Q2 Results Driven By Digital Transformation

CarParts.com’s Q2 Results Driven By Digital Transformation

The second quarter of 2023 marked the highest sales level for any quarter in company history, said CEO David Meniane.

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.

You May Also Like

Auto Parts 4 Less Reports Substantial Revenue Growth

The company attributes the growth to strategic initiatives and its LiftKits4Less.com platform, which was reactivated five months ago.

Auto Parts 4 Less Group Inc. Announces Growth Strategy

Auto Parts 4 Less Group Inc. announced significant revenue growth following its strategic initiatives.

Christopher Davenport, CEO and Founder of Auto Parts 4 Less Group Inc. stated, "We are thrilled to report a significant increase in our revenue over the first quarter of this year. Our revenue climbed from $48,573 in January to $102,409 in March, marking an impressive growth of 111%. This success is primarily driven through our LiftKits4Less.com platform, which we reactivated just five months ago. Additionally, while our subsidiary, Auto Parts for Less Inc., reported a P&L net loss of approximately $5,500 for March, we are very close to achieving a break-even point, which is a testament to our efforts in controlling the burn rate.

Auto Parts 4 Less Announces Investment from RB Capital

Auto Parts 4 Less announced it has completed the first tranche of funding from RB Capital Partners.

Auto Parts 4 Less Group Inc. Announces Growth Strategy
Advance Auto Parts Reports Q4, Full Year 2023 Results

President and CEO Shane O’Kelly said Advance continues to act with a sense of urgency to “return to profitable growth.”

financial results
AutoZone Reports Q2 Results with Increases in Same Store Sales

During the quarter, AutoZone opened 19 new stores in the U.S., while adding six new stores in Mexico and four in Brazil.

Dana Inc. Reports 2023 Record Sales and Q4 Earnings

For the full-year 2023, Dana reported sales of $10.6 billion, up from $10.2 billion in 2022.

AAM Reports Q1 2024 Financial Results
Other Posts
LKQ Corp. Announces Q4, Full Year 2023 Results

President and CEO Dominick Zarcone expressed satisfaction with the company’s results amid macroeconomic challenges.

Standard Motor Products Releases Q4, 2023 Year-End Results

Eric Sills, chairman and CEO, said the company is looking to continue to find ways to better service customers and explore opportunities to partner for growth in 2024.

AAM Reports Q1 2024 Financial Results
Phinia Reports Q4 Results & 2024 Outlook

Phinia reported that it expects strong earnings and cash generation in 2024, driven by operational efficiencies, and growth in aftermarket sales.

financial results
Forvia Reports FY 2023 Results After HELLA Acquisition

The company reported synergies with HELLA, with cumulative net cost synergies reaching over $200 million by the end of 2023.