Welcome to our dedicated page for Carparts Com news (Ticker: PRTS), a resource for investors and traders seeking the latest updates and insights on Carparts Com stock.
CarParts.com Inc (PRTS) operates a leading eCommerce platform for automotive aftermarket parts, serving both consumers and businesses across North America. This news hub provides investors and industry professionals with timely updates on corporate developments, financial performance, and strategic initiatives shaping the automotive parts sector.
Discover official press releases covering earnings announcements, product innovations, supply chain expansions, and partnership agreements. Our curated collection ensures access to verified information about operational milestones, technology implementations, and market positioning efforts.
Key updates include financial disclosures, leadership changes, inventory system upgrades, and eCommerce platform enhancements. Bookmark this page for direct access to PRTS's evolving story in the competitive automotive aftermarket space, supported by factual reporting and neutral analysis.
CarParts.com (NASDAQ: PRTS) reported its Q2 2024 results, showing a decrease in net sales to $144.3 million, down 18% year-over-year. The company experienced a net loss of $8.7 million, or $0.15 per share, compared to a $0.7 million loss in Q2 2023. Gross profit declined to $48.4 million, with a gross margin of 33.5%. Despite the overall decrease, CarParts.com saw sequential margin improvement with product margins at 54.0%, up 210 bps from Q1. The company maintains a strong cash position of $34.1 million with no revolver debt. For the full year 2024, CarParts.com targets net sales between $600-$625 million and a gross margin of 33% ± 100 bps. The company is focusing on financial discipline, profitability, and sustainable growth in the $400 billion automotive aftermarket.
CarParts.com (NASDAQ: PRTS) has opened a new state-of-the-art fulfillment center in Las Vegas, Nevada, doubling its footprint in the metro area. The 202,000-square-foot facility, which began operations in Q2 2024, replaces the previous distribution center and serves as the company's West Coast flagship. Integrated with AI capabilities, the center is designed to optimize operations, improve safety, and expand product availability.
The fully automated facility houses 80% to 90% of CarParts.com's product assortment and efficiently handles both conveyable and non-conveyable items. This expansion aims to enhance customer service, improve operational efficiency, and ensure faster order fulfillment and shipping. The strategic move is expected to meet increasing demand for automotive parts and accessories while providing long-term capacity to serve the West Coast.
CarParts.com (NASDAQ: PRTS) has appointed Christina Thelin as Chief Marketing Officer (CMO) to support its growth plans. Thelin, a strategic marketing leader with over 20 years of experience, will oversee product and brand marketing, performance marketing, loyalty marketing, creative, and consumer insights. She will report directly to CEO David Meniane and serve as a member of the company's leadership team.
Thelin's appointment is aimed at enhancing customer experience, consumer engagement, and brand recognition as CarParts.com continues to expand its market presence. Her extensive background includes building global brands and creating award-winning campaigns for Fortune 100 companies such as Google, Procter & Gamble, Visa, and Twitter.
CarParts.com (NASDAQ: PRTS) has scheduled its second-quarter 2024 financial results conference call for July 30, 2024, at 2:00 p.m. PT (5:00 p.m. ET). The discussion will cover the fiscal results for the quarter ending June 29, 2024, and will be led by CEO David Meniane, CFO Ryan Lockwood, and COO Michael Huffaker. Participants can register in advance to receive dial-in details. The event will be streamed live via webcast, with a replay available on the company's investor relations website.
CarParts.com (NASDAQ: PRTS) has launched its first major marketing campaign in over 20 years, titled 'Now That's My Speed.' This campaign aims to enhance brand recognition and drive business growth in the automotive parts market. A recent survey revealed that 69% of consumers prioritize price, while over 70% emphasize quality when purchasing auto parts. The campaign, created with Real Moxy, features humor and nostalgia from iconic American films, showcasing CarParts.com's extensive inventory of over 1 million parts. The company's new tagline, 'Quality Parts. Priced Right,' emphasizes its commitment to providing affordable, high-quality parts.
CarParts.com, Inc. (NASDAQ: PRTS) reported first quarter 2024 results with net sales decreasing to $166.3 million, gross profit of $53.9 million, net loss of ($6.5) million, and adjusted EBITDA of $1.1 million. Despite facing challenges, the company is focusing on margin expansion, efficiency, and profitability to enhance shareholder value. The company aims to achieve adjusted EBITDA growth next year and increase free cash flow generation.
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