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. reports developments as a technology-led ecommerce provider of automotive aftermarket parts and accessories for vehicle repair, maintenance, and upgrades. The company sells through its website, mobile app, marketplace channels, and a portfolio of brands that includes CarParts.com, CarParts Wholesale, JC Whitney, Garage-Pro, and Evan Fischer, supported by a company-operated distribution network and global supply chain.
Recurring news themes include quarterly and annual results, inventory and margin commentary, catalog and platform expansion, branded marketplace relationships, customer payment and membership offerings, strategic investments, and operating changes tied to fulfillment, customer service, technology, and supply chain execution.
CarParts.com (NASDAQ: PRTS) has been recognized as the Fastest-Growing Auto Parts Site of 2020 by SimilarWeb, with a remarkable 194% year-over-year increase in website traffic. This growth outpaced competitors like NAPA Auto Parts and 1A Auto, positioning CarParts.com as a leader in the automotive aftermarket. The company's turnaround strategy, focused on technology investments and a customer-first approach, has driven this success. CarParts.com aims to continue this trajectory as consumer behaviors shift toward online shopping for auto parts.
CarParts.com, Inc. (NASDAQ: PRTS) announces that CEO Lev Peker and CFO David Meniane won silver medals in the Executive of the Year and Operations Executive of the Year categories at the Best in Biz Awards 2020. Their leadership has driven a complete turnaround for the company, marked by three consecutive quarters of double-digit profitable growth and the highest gross profit in company history. The awards are a testament to their effectiveness in navigating the challenges posed by the global pandemic while ensuring customer satisfaction.
On December 16, 2020, CarParts.com (NASDAQ: PRTS) announced that CEO Lev Peker and CFO/COO David Meniane received silver medals for Executive of the Year and Operations Executive of the Year at the Best in Biz Awards. Their leadership has transformed the company, which was near bankruptcy in early 2019, into one that recently achieved three consecutive quarters of double-digit profitable growth and record gross profits. The awards highlight the resilience and innovation shown by North American businesses amid the challenges of 2020.
CarParts.com (NASDAQ: PRTS) unveiled its first-ever live shot national advertising campaign, showcasing a new brand identity aimed at enhancing customer experience. The campaign highlights the company's intuitive mobile shopping platform and promises savings of up to 50% on auto parts. Following a record third quarter with net sales up 69% and gross profit more than doubling, the ad aired across major networks and YouTube, reinforcing CarParts.com’s aggressive marketing and operational strategies to foster growth and customer loyalty.
CarParts.com (NASDAQ: PRTS) announced the immediate resignation of Joshua L. Berman from its Board of Directors, expressing gratitude for his significant contributions. Berman played a vital role in the company's strategic direction and ecommerce strategy since its public listing. Concurrently, Dr. Lisa Costa has been appointed to the Board, bringing expertise in business and technology. CEO Lev Peker highlighted Berman's impact on the company's transformation and welcomed Costa's knowledge to drive future growth.
CarParts.com (NASDAQ: PRTS) announced significant changes to its Board of Directors. Joshua L. Berman has stepped down from his position immediately after providing over a decade of valuable contributions to the company's growth and strategy. His role was pivotal, particularly in accounting and e-commerce strategies. Concurrently, Dr. Lisa Costa has been appointed as a Class III director, bringing expertise in technology and data analytics. CEO Lev Peker expressed gratitude for Berman's service, while anticipating the positive impact of Dr. Costa's leadership.
CarParts.com (PRTS) reported a strong third quarter for 2020, with net sales rising 69% to $117.4 million, compared to $69.3 million in Q3 2019. Gross profit more than doubled to $43.1 million, achieving a gross margin of 36.7%. Net income improved to $1.4 million from a loss of $1.4 million a year earlier, equating to $0.03 per diluted share. Adjusted EBITDA surged to $5.1 million from $1.3 million. The company also completed a $60.5 million public equity offering, bolstering liquidity to $59 million.
CarParts.com, Inc. (NASDAQ: PRTS) will hold a conference call on November 9, 2020, to discuss its financial results for the third quarter ended September 26, 2020. The conference will be hosted by CEO Lev Peker and CFO/COO David Meniane, featuring a live audio webcast available on the Company's website. Interested participants can join via a toll-free number or access the archived audio afterwards. CarParts.com has established itself as a leader in e-commerce for automotive parts, providing a streamlined online shopping experience for customers nationwide.
CarParts.com (NASDAQ: PRTS) announced the closing of its public offering of 6.9 million shares of common stock, priced at $13.00 per share, totaling gross proceeds of $63.7 million. The offering included the underwriters' option for an additional 900,000 shares. CarParts.com sold 4.9 million shares while a selling stockholder sold 2 million shares. The proceeds are intended to support the company's growth initiatives. RBC Capital Markets acted as the sole book-runner of the offering.
CarParts.com (NASDAQ: PRTS) announced a public offering of 6 million shares, priced at $13.00 each, aiming for approximately $52 million in gross proceeds. The offering comprises 4 million shares from the company and 2 million from an existing stockholder. Underwriters have a 30-day option to purchase an additional 900,000 shares. The proceeds will support general corporate purposes, including working capital. The offering is expected to close around August 18, 2020, subject to customary conditions. RBC Capital Markets leads the underwriting team.