The following is a summary of the CarParts.com, Inc. (PRTS) Q2 2024 Earnings Call Transcript:

Financial Performance:

• CarParts.com reported Q2 revenue of $144.3 million, a decrease of 18% year-over-year from $177 million.

• Gross margin for the quarter stood at 33.5%, slightly down from 34.2% in the prior year.

• GAAP net loss deepened significantly to $8.7 million from a net loss of $0.7 million in the previous year.

• Adjusted EBITDA for Q2 was a loss of $0.1 million, down from a positive $6.3 million in the prior year.

• The company forecasts full-year 2024 revenues at the lower end of the $600 million to $625 million range.

Business Progress:

• CarParts.com launched a new comprehensive brand campaign and a mobile app, which now accounts for 8% of total e-commerce revenue.

• The company also opened a new semi-automated Vegas Fulfillment Center, expected to handle close to 20% of company volume by year-end and bring significant operating cost reductions.

Opportunities:

• The mobile app's growth and the potential for direct in-app purchases to reduce advertising costs and drive repeat purchases present significant opportunities.

• New marketing initiatives and the launch of a comprehensive brand campaign are expected to enhance brand recognition and attract high-value customers.

Risks:

• The deliberate pricing actions and customer profile changes have negatively impacted sales volumes, highlighting a strategic risk as the company aims to balance revenue and profitability.

More details: CarParts.com IR

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