CarParts.com reports Q4 EPS (11c), consensus (11c)

Reports Q4 revenue $156.4M, consensus $153.87M. “We continued to see strong unit growth of approximately 8% in Q4. We believe we are taking share from other online players and as consumer confidence rebounds, we are well positioned to support the $389B automotive aftermarket and deliver long-term growth.” said David Meniane, CEO. “In FY23, our team surpassed several company records and reached significant achievements. However, we experienced a slow start to 2024 and we continue to experience a difficult macro environment. In light of these challenges, we have made the tough decision to significantly reduce our cost structure including the elimination of 150 global roles. These decisions are not made lightly but we want to stay agile, protect shareholder value, and realign to the reality of the environment. We continue to believe the strategic priorities and areas of the business we are focused on will lead to long-term shareholder value. We have proven in the past that we can grow and execute change management through difficult environments and now is no different. In addition, we are supported by the strength of our balance sheet with ample cash and inventory as well as an undrawn facility with no long-term debt.”