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.
Michael McDowell and the No. 34 CarParts.com team are striving to make history for Front Row Motorsports (FRM) as they approach the Las Vegas Motor Speedway. This season, the team has achieved five top-10 finishes, two top-five finishes, and a Daytona 500 championship. McDowell is 43 points behind the 15th position but remains hopeful for further achievements in the upcoming races. CarParts.com's continuous support underlines the team's ambitions.
CarParts.com will be in the spotlight as driver Michael McDowell returns to the Daytona International Speedway following his Daytona 500 victory. The team, featuring the No. 34 Ford Mustang, will also see PowerStop as a major associate sponsor. This race is crucial as it leads into the NASCAR Playoffs. McDowell expressed confidence in their new car's performance, building on the momentum from their Daytona win. The partnership with PowerStop continues to strengthen, enhancing visibility for CarParts.com and its services.
CarParts.com reported a strong second quarter for 2021, with net sales increasing 32% year-over-year to $157.5 million. The gross profit rose 31% to $53.3 million, despite a slight decline in gross margin to 33.9%. Net income improved to $2.1 million, or $0.04 per share, compared to $1.6 million last year. The company also announced a $30 million stock repurchase plan and is expanding its distribution network to enhance operational capacity. Management maintains a long-term revenue growth target of 20-25%.
CarParts.com, Inc. (NASDAQ: PRTS) returns as the primary sponsor for the No. 34 Front Row Motorsports team, partnering with driver Michael McDowell for three races this August, starting with the upcoming event at Watkins Glen. The company has delivered over 50 million parts and plans to open a sixth distribution center in Jacksonville, enhancing customer accessibility. With a focus on a mobile-friendly shopping platform and strong relationships, CarParts.com aims to capitalize on its partnership during NASCAR playoffs. The race will be broadcast live on NBC.
The Professional Fighters League (PFL) launched the $100,000 Perfect Bracket Challenge, presented by CarParts.com (NASDAQ: PRTS), ahead of the 2021 Playoffs. This free competition invites fans to predict outcomes of semifinal and championship bouts through an interactive app, engaging them with live events broadcasted on ESPN networks. The challenge, aimed at MMA fans in the U.S., precedes the August Playoffs featuring three events, culminating in a Championship with $6 million in total purses. PFL positions itself as the No. 2 MMA organization globally, expanding its reach with strategic partnerships.
CarParts.com, Inc. (NASDAQ: PRTS) has scheduled a conference call for August 5, 2021 at 5:00 p.m. ET to discuss its financial results for the second quarter ended July 3, 2021. The results will be released prior to the call. CEO Lev Peker and CFO David Meniane will lead the discussion, which will also include a Q&A session. Interested parties can access the call via a webcast link on the company’s website. For those unable to join, a replay will be available until August 12, 2021.
CarParts.com (NASDAQ: PRTS) will open its sixth distribution center in Jacksonville, Florida, in Q1 2022, expanding its warehouse space by 180,000 square feet and adding 150 full-time positions. The new facility aims to enhance logistics, providing 1-day shipping to 55% of the U.S. and 2-day shipping to over 98%. Following a 65% revenue growth in Q1 2021, the company plans to support its 20% to 25% annual growth target with this investment. The center will stock various auto parts, including mechanical and collision components.
CarParts.com (NASDAQ: PRTS) has entered a partnership with Major League Fishing (MLF), becoming the Exclusive Auto Parts Retailer for the MLF Bass Pro Tour. This sponsorship includes the title sponsorship of the Bass Pro Tour CarParts.com Stage Seven event in St. Clair Shores, Michigan, scheduled for Sept. 10-15, 2021. CarParts.com will have significant brand visibility through in-studio signage and custom content videos featuring MLF anglers. The partnership aims to connect the brand with truck owners and outdoor enthusiasts, enhancing CarParts.com's reach and market presence.
CarParts.com announced a significant expansion of its Grand Prairie, Texas distribution center, increasing its size by 156,000 square feet to a total of 366,000 square feet. This expansion will boost the company's distribution network to over 1 million square feet and create 125 full-time jobs when operational in Q1 2022. The facility will improve inventory capabilities and include a dedicated will-call service center for customers. CarParts.com has already contributed $100,000 to local relief efforts since establishing itself in the area.
CarParts.com (NASDAQ: PRTS) will participate in the 2021 RBC Capital Markets Global Consumer and Retail Conference on June 3, 2021. This virtual event will feature a fireside chat and one-on-one meetings with investors. Recently, CarParts.com reported record Q1 2021 sales of $144.8 million, marking a 65% increase year-over-year, alongside a gross profit of $49.2 million, also up 65%. The company aims for 20-25% compounded sales growth in the long term. More information is available on their investor website.