CarParts.com Q2 net sales down 18% to $144.3M; net loss widens to $8.7M

CarParts.com, Inc.

2024-Q2 EPS reported -$0.27 revenue$310,559,000

Net loss of $8.7M ($0.15 loss per share) vs. $0.7M loss a year ago; Adjusted EBITDA of ($0.1M) vs. $6.3M.
Gross margin 33.5% (down 70 bps YoY but up 110 bps sequentially); product margins at 54.0%.
Cash balance $34.1M, no revolver debt; FY2024 net sales guidance trimmed to low end of $600-625M.
Company targeting sustainable positive Adjusted EBITDA next year and 6-8% margin medium-term.
Mobile app downloads more than doubled to 450,000 cumulative; consumer demand softness cited.

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