CarParts.com reports Q2 EPS (15c), consensus (10c)

Reports Q2 revenue $144.3M, consensus $155.72M. “..In Q2, we made significant progress on gross margin and efficiencies, which reinforces our confidence that we’re on the right track. We are confident in our roadmap and our opportunity as a leading online retailer in a highly fragmented $400B automotive aftermarket market. In the first half of the year, we updated our pricing and marketing acquisition strategies to target more profitable customers and generate higher gross margins. As a result, in Q2, we saw sequential margin improvement with product margins at 54.0%, up 210 bps from Q1. We expect Q3 to be sequentially higher. We are forging on a path that we expect will result in achieving sustainable and significantly positive Adjusted EBITDA next year while working towards achieving a 6-8% Adjusted EBITDA margin and enhanced free cash flow generation in the medium term” said David Meniane, CEO.