CarParts.com, Inc., an eCommerce automotive company, reported as part of its financial results that net sales jumped 90 percent year over year in the fourth quarter of 2020, which included an extra week, from the year-ago quarter, according to a press release.
“The significant investments we made in 2019 laid the foundation for the success we experienced in 2020,” CarParts.com Chief Executive Lev Peker said in the announcement. “Our strategy of Right Part, Right Place, Right Time is helping us transform and disrupt an industry with a superior value proposition that keeps our customers at the center of everything we do.”
Moreover, gross profit in the fourth quarter increased by 97 percent to $41.6 million in contrast with $21.2 million in 2019.
But the firm reported $44.9 million in total operating expenses in the fourth quarter in contrast to $23.3 million in the fourth quarter of 2019. The rise was fueled by personnel expenses connected to the “new Texas DC, technology spend, & marketing spend” per the release.
As for its overall results, the company reported a 7 cents per share net loss on $119.7 million in net sales.
The company said it didn’t have any revolver debt and outstanding letters of credit as of fiscal year-end Jan. 2, 2021, but it did have a $35.8 million cash balance.
The news comes as CarParts.com, Inc. launched a centralized shopping area for the electric vehicle (EV), plug-in hybrid and hybrid community.
At the time, the firm said that building out online stores for hybrids and EVs is the next big investment in its growth and committed to getting drivers to return to the road.
“Our dedicated shopping hub will help demystify the world of EV and hybrid auto parts, making it simple for customers to find the parts and information they need to get the job done,” CarParts.com Chief Merchandising Officer David Morris said in an announcement at the time.
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