CarParts.com Inc ( (PRTS) ) has realeased its Q3 earnings. Here is a breakdown of the information CarParts.com Inc presented to its investors.
CarParts.com, Inc. is a technology-driven eCommerce company that offers a wide range of automotive parts and accessories, aiming to streamline the vehicle repair and maintenance process through an efficient online platform. The company is headquartered in Torrance, California and has been operating for over 25 years.
In the third quarter of 2024, CarParts.com reported a decrease in net sales to $144.8 million, a 13% decline compared to the same period last year. Despite this, the company has increased its gross margin to 35.2%, up from 32.9% year-over-year. The company also faced a net loss of $10 million, a significant increase from the previous year’s loss of $2.5 million.
Key highlights from the quarter include the successful operational launch of the new semi-automated distribution center in Las Vegas, handling 20% of the company’s volume, and the impressive growth in mobile app downloads, which have more than doubled since the beginning of the year. Additionally, CarParts.com has been focusing on strategic initiatives such as partnerships and expansions in the Canadian market, which are showing promising early results.
Despite the challenges faced, including impacts from hurricanes and other operational hurdles, CarParts.com is cautiously optimistic about its future. The management remains focused on expanding their market reach and improving operational efficiencies to drive growth in the coming quarters.
