U.S. Auto Parts Reports Loss
U.S. Auto Parts Network, Inc., an online automotive parts marketer, posted a net loss of $500,000 for the third quarter, compared to net income of $900,000 in the prior year.
The Carson, CA company reported net sales of $36.6 million for the quarter ended Sept. 30, a 3.2% decrease from $37.8 million last year.
The company posted gross profit of $12.1 million, 33% of net sales for the quarter, a decrease from $13.7 million or 36.2% of net sales in the prior year.
Management attributed this primarily due to higher freight costs, higher raw material costs and lower vendor rebates.
In addition, the firm posted general and administrative expenses of $4.2 million or 11.5% of net sales for the quarter, compared to $3.2 million or 8.5% of net sales in the prior year, which it attributed primarily to a $400,000 hike in payroll and related costs.
