CarParts.com, one of the leading eCommerce providers of auto parts and accessories, is reporting results for the first quarter ended March 30, 2024. 

First Quarter 2024 Summary vs. Year-Ago Quarter:

• Net sales decreased to $166.3 million, down 5% from the year-ago quarter.
• Gross profit of $53.9 million vs. $62.6 million, with gross margin of 32.4%.
• Net loss was ($6.5) million, or ($0.11) per share, compared to a net income of $1.1 million, or $0.02 per share.
• Adjusted EBITDA of $1.1 million vs. $9.4 million.
• Cash of $46.0 million and no revolver debt.

Management Commentary:

“In the past year, we have marked significant milestones. The successful launch of our mobile app stands out as it now contributes over 8% of our total eCommerce revenue. Additionally, we’ve captured 38% of our eCommerce revenue from loyal repeat customers, while our website has attracted over 100 million visits, affirming our strong online presence. We also realigned our cost structure to be leaner and more agile,” said David Meniane, CEO. 

“We are well positioned to capture the tremendous and growing opportunities within the highly fragmented and underserved four hundred-billion-dollar aftermarket auto parts industry.