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Apr 01, 2023
CarParts.com Q1 2023 Earnings Report
CarParts.com reported record results for the first quarter of 2023, marked by year-over-year sales and gross profit growth.
Key Takeaways
CarParts.com reported a 6% increase in net sales, reaching $175.5 million, and a 2% increase in gross profit to $62.6 million. Net income was $1.1 million, with earnings per diluted share at $0.02. The company's cash balance stood at $49.3 million with no revolver debt.
Net sales increased by 6% year-over-year to $175.5 million.
Gross profit increased by 2% to $62.6 million, with a gross margin of 35.6%.
Net income was $1.1 million, or $0.02 per diluted share.
Adjusted EBITDA was flat at $9.4 million.
CarParts.com
CarParts.com
Forward Guidance
The company will focus on driving operating improvements, expanding assortment, and enhancing the website with new functionality for the remainder of the year.