CarParts.com Reports Record Fourth Quarter and Full Year 2021 Results – Yahoo Finance

March 4, 2022 by No Comments

Record Fourth Quarter Sales of $138.3 million, up 23%

Record Fiscal Year Sales of $582.4 million, up 34%

8th Consecutive Quarter of Year over Year Sales Growth

TORRANCE, Calif., March 1, 2022 /PRNewswire/ — CarParts.com, Inc. (NASDAQ: PRTS), one of the leading e-commerce providers of automotive parts and accessories, is reporting results for the fourth quarter and fiscal year ended January 1, 2022. The fourth quarter ending January 1, 2022 included 13 weeks versus 14 weeks in the fourth quarter ended January 2, 2021. The fiscal year ended January 1, 2022 included 52 weeks versus 53 weeks in the fiscal year ended January 2, 2021.

CarParts.com Logo (PRNewsfoto/CarParts.com, Inc.)

Fourth Quarter 2021 Summary vs. Year-Ago Quarter

  • Net sales increased 15% year over year to $138.3 million, up 23% excluding an extra week in 2020 and increased 89% on a 2-year stack.

  • Gross profit increased 14% to $47.4 million, with gross margin of 34.3%.

  • Net loss was ($5.0) million or ($0.10) per diluted share, compared to net loss of ($3.5) million or ($0.07) per diluted share.

  • Adjusted EBITDA increased to $2.6 million vs. $1.0 million.

  • Grew inventory to record $138.9 million.

  • Management reiterates long term targets of 20-25% compounded revenue growth and 8-10% EBITDA margin.

Fiscal Year 2021 Summary vs. 2020

  • Net sales increased 31% year over year to a record $582.4 million, up 34% excluding an extra week in 2020 and increased 89% on a 2-year stack.

  • Gross profit increased 27% to $197.3 million, with gross margin of 33.9%.

  • Net loss was ($10.3) million or ($0.20) per share, compared to a net loss of ($1.5) million or ($0.04) per share. The increase was primarily driven by non-cash charges.

  • Adjusted EBITDA increased to $16.8 million vs. $16.0 million.

Management Commentary

“The last 3 years have been transformational for the company,” said Lev Peker, CEO of CarParts.com. “We executed on margin expansion, revenue growth, site consolidation, technology improvements, and supply chain expansion. CarParts.com now has a strong foundation for continued rapid growth.”

“With over 300k square feet of warehouse coming online, a record amount of inventory, and an amazing team, I have never been more confident in our ability to aggressively capture share from the $300 billion auto parts industry. Between an aging car fleet and robust used car sales, we believe there are significant and enduring tail winds to our business, and we look forward to continued year over year growth in 2022 and beyond.”

Fourth Quarter 2021 Financial Results

Net sales in the fourth …….

Source: https://finance.yahoo.com/news/carparts-com-reports-record-fourth-210100249.html

Tags:

Leave a Comment

Your email address will not be published. Required fields are marked *