The Torrance-based company, a leading ecommerce provider of automotive parts and accessories, saw net sales increase 69% to $117.4 million, compared to $69.3 million in the third quarter of 2019.
The increase was spurred by revenue growth of 105% from CarParts.com, the company’s primary sales channel.
Gross profit more than doubled during the quarter ended Sept. 26 to a company record $43.1 million, compared to $21.1 million for the same period a year earlier.
CarParts.com was known as U.S. Auto Parts Network Inc. before undergoing a name change in July, a move that consolidated the company’s 17 ecommerce websites.
“The investments we made in our technology, marketing and supply chain starting in 2019 enabled us to return to growth and margin expansion beginning in the first quarter of this year and continuing through the third quarter, driving exceptional growth across our business,” CarParts.com Chief Executive Lev Peker said in a statement.
Peker attributed the growth in earnings and revenue to several pandemic-related factors, including consumers’ shift away from public transportation and choosing DIY car repairs over buying new vehicles at a time of widespread unemployment.
The company reported net income for the quarter of $1.4 million, or $0.03 per diluted share, reversing a $1.4 million net loss during the third quarter in 2019.
“As we look to the fourth quarter and our trajectory into 2021, we will work to further optimize both our back-end and our customer-facing operations,” said Peker. “We are proud of the strong foundation we have built and will remain focused on building a long-lasting, exceptional company."
