U.S. Auto Parts Sales Below Expectations

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U.S. Auto Parts Network Inc. said it had narrowed its fourth quarter loss as cost-cutting compensated for lower sales, but the results still fell short of analysts’ expectations.

After Wednesday’s market close, the Carson-based online provider of automotive aftermarket parts and accessories reported a net loss of $3.5 million (-12 cents per share), compared with a net loss of $5.5 million (-18 cents) a year ago. Net sales fell 9 percent $33.8 million.

The results included non-cash impairment charge of $3 million, equal to 10 cents per share. Analysts surveyed by Thomson Reuters on average expected the company to report an adjusted loss of 2 cents per share on revenues of $34.5 million.

For the full year 2008, U.S. Auto Parts’ net loss was $16.9 million (-57 cents) as net sales fell 4.7 percent to $153 million. The company took a $14 million impairment charge earlier in the year.

“Clearly uncertainty in the macroeconomic environment continues,” Chief Executive Shane Evangelist said in a statement. “However, we believe that consumer behavior trends are lining up in favor of US Auto Parts as people are keeping their vehicles longer and looking for ways to reduce maintenance cost.”

U.S. Auto Parts shares were down 11 cents, or 7 percent, to $1.49 in Thursday morning trading on the Nasdaq.

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