CarParts.com Reports 2024 Financial Results Amid Challenges

CarParts.com Inc ( (PRTS) ) has released its Q4 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 specializes in providing a wide range of automotive parts and accessories, offering solutions for vehicle repair and maintenance through its user-friendly website and mobile app.

In its fiscal year 2024 earnings report, CarParts.com reported a decline in net sales by 13% to $588.8 million compared to the previous year, alongside a net loss of $40.6 million. Despite the challenging economic environment, the company has made strategic investments in digital transformation and operational efficiency.

Key financial metrics from the report highlight a decrease in gross profit to $196.7 million and an adjusted EBITDA of negative $7.1 million. The company has also launched new initiatives, including a re-platformed website with AI-based search solutions and a new paid membership program, CarParts+. Additionally, a new semi-automated distribution center in Las Vegas is now operational, handling a significant portion of the company’s volume.

Looking ahead, CarParts.com is focusing on enhancing site conversion, expanding its product assortment, and growing its wholesale channel to improve profitability and drive long-term growth. The company remains committed to navigating the economic challenges and positioning itself for future success.