CarParts.com, an e-commerce provider of automotive parts and accessories, has reported results for the third quarter ended October 1, 2022.
Net sales increased 16% year over year to $164.8 million and increased 37% on a two-year stack. Gross profit increased 19% to $56.1 million, with gross margin increasing 70 basis points to 34.1%. Net loss was ($0.9) million or ($0.02) per diluted share, compared to a net loss of ($4.7) million or ($0.09) per diluted share. Adjusted EBITDA of $6.3 million vs. $2.3 million.
The company also announced that it completed ERP migration from 15-year old legacy system to Microsoft Dynamics 365.
“Q3 was another record for our company,” said David Meniane, CEO of CarParts.com. “We are excited to continue building a trusted and disruptive platform where we can help our customers solve their auto repair and maintenance needs. Over one-third of our revenue comes from repeat customers and we are consistently growing our addressable market. We launched our Do-It-For-Me program on our website, called Get It Installed, and are one step closer to our goal of becoming the number one destination for our customers.
“One of our core strategic pillars is financial discipline. As evidenced by our record third quarter Adjusted EBITDA and ample liquidity, we feel confident that we do not need to raise capital at current valuations and can continue to self-fund growth for the foreseeable future.”
“We see staying laser-focused on positive unit economics, free cash flow, operational efficiencies, and customer experience as key to building an exceptional and durable company for our long-term stakeholders.”