CarParts.com, Inc. reported net sales of $588.8 million for fiscal year 2024, a 13% decrease from $675.7 million in fiscal year 2023. The decline was primarily driven by soft consumer demand and pressures in the lighting and mirrors segments due to non-compliant parts.
The company's gross profit for fiscal year 2024 was $196.7 million, with the gross margin decreasing by 50 basis points to 33.4%. CarParts.com recorded a net loss of $40.6 million, a substantial increase from the $8.2 million net loss in fiscal year 2023.
Adjusted EBITDA for fiscal year 2024 was a loss of $7.1 million, compared to a positive $19.7 million in the prior fiscal year. For the fourth quarter of 2024, net sales were $133.5 million, down 15% year-over-year, with a net loss of $15.4 million and an Adjusted EBITDA loss of $6.8 million.
As of December 28, 2024, the company held a cash balance of $36.4 million with no revolver debt. Due to the ongoing exploration of strategic alternatives, CarParts.com did not provide specific financial guidance for fiscal year 2025.
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