TORRANCE, Calif., Jan. 6, 2022 /PRNewswire/ --
CarParts.com, Inc. (NASDAQ: PRTS), one of the leading
e-commerce providers of automotive parts and accessories, in light
of recent market volatility, is providing preliminary 2021 results
for the fourth quarter and fiscal year ended January 1, 2022.
The fourth quarter ending January 1,
2022 included 13 weeks versus 14 weeks in the fourth quarter
ended January 2, 2021. The fiscal
year ended January 1, 2022 included
52 weeks versus 53 weeks in the fiscal year ended January 2, 2021.
Based on preliminary unaudited information, CarParts.com expects
to report fiscal year 2021 revenue of approximately $582 million, up 31% versus fiscal year 2020 and
up 33% excluding an extra week in 2020.
Based on preliminary unaudited information, CarParts.com expects
to report fourth quarter 2021 revenue of approximately $138 million, up 15% versus the fourth quarter of
2020 and up 23% excluding an extra week in 2020.
The preliminary financial information in this press release has
been prepared internally by management and has not been reviewed or
audited by our independent registered public accounting firm. There
can be no assurance that actual results will not differ from the
preliminary financial information presented herein and such changes
could be material. This preliminary financial data should not be
viewed as a substitute for full financial statements prepared in
accordance with GAAP.
Management Commentary
"By executing on our strategy of Right Part, Right Place, Right
Time, we were able to deliver our 8th consecutive
quarter of year over year growth" said Lev
Peker, CEO of CarParts.com. "Our vertically integrated
business model has proven to be resilient, and we are incredibly
proud of our team's tremendous efforts."
"As we look towards the remainder of 2022, we are excited about
opening two new distribution facilities and feel confident in our
ability to drive continued revenue growth."
The Company expects to provide its next financial update when it
reports Q4 and full year results in March
2022.
About CarParts.com, Inc.
With over 25 years of experience, and more than 50 million parts
delivered, we've streamlined our website and sourcing network to
better serve the way drivers get the parts they need. Utilizing the
latest technologies and design principles, we've created an
easy-to-use, mobile-friendly shopping experience that, alongside
our own nationwide distribution network, cuts out the
brick-and-mortar supply chain costs and provides quality parts at a
budget-friendly price.
CarParts.com is headquartered in Torrance, California.
Safe Harbor Statement
This press release contains statements which are based
on management's current expectations, estimates and projections
about the Company's business and its industry, as well as certain
assumptions made by the Company. These statements are forward
looking statements for the purposes of the safe harbor provided by
Section 21E of the Securities Exchange Act of 1934, as amended
and Section 27A of the Securities Act of 1933, as amended.
Words such as "anticipates," "could," "expects," "intends,"
"plans," "potential," "believes," "predicts," "projects," "seeks,"
"estimates," "may," "will," "would," "will likely continue" and
variations of these words or similar expressions are intended to
identify forward-looking statements. These statements include, but
are not limited to, statements regarding our future operating
results and financial condition, our potential growth, our ability
to drive continued revenue growth, opening new distribution
centers, and other statements that are not statements of historical
facts. We undertake no obligation to revise or update publicly any
forward-looking statements for any reason. These statements are not
guarantees of future performance and are subject to certain risks,
uncertainties and assumptions that are difficult to
predict. Therefore, our actual results could differ materially
and adversely from those expressed in any forward-looking
statements as a result of various factors.
Important factors that may cause such a difference include,
but are not limited to, competitive pressures, our dependence on
search engines to attract customers, demand for the Company's
products, the online market and channel mix for aftermarket auto
parts, the economy in general, increases in commodity and component
pricing that would increase the Company's product costs, the
operating restrictions in its credit agreement, the weather, the
impact of the customs issues and any other factors discussed in the
Company's filings with the Securities and Exchange Commission (the
"SEC"), including the Risk Factors contained in the Company's
Annual Report on Form 10–K and Quarterly Reports on
Form 10–Q, which are available
at www.carparts.com/investor and the SEC's website
at www.sec.gov. You are urged to consider these factors
carefully in evaluating the forward-looking statements in this
release and are cautioned not to place undue reliance on such
forward-looking statements, which are qualified in their entirety
by this cautionary statement. Unless otherwise required by
law, the Company expressly disclaims any obligation to update
publicly any forward-looking statements, whether as result of new
information, future events or otherwise.
Investor Relations:
Ryan Lockwood, CFA
IR@carparts.com
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SOURCE CarParts.com, Inc.