Better-Than-Expected Quarter for U.S. Auto PartsFriday, March 7, 2014
Shares of U.S. Auto Parts Network Inc. rose more than 12 percent on Friday, a day after the after-market automotive parts distributor reported a significantly smaller fourth quarter loss.
After the markets closed on Thursday, the Carson company reported a net loss of $1.3 million (4 cents a share), compared with a loss of $30.8 million (-99 cents) in the same period a year earlier.
The company in the past year has streamlined its sales channels and retired web sites. Total sales were down 5 percent to $59.7 million, but revenue from sites the company still operates were up 2.7 percent. Sales from the company’s competitively-priced Private Label brand were up by a double digit percentage, but branded product sales were lagging.
"U.S. Auto Parts is in the strongest position we’ve been in the last two years, and I believe we are back in a position to be aggressive and gain market share,” Chief Executive Shane Evangelist said during a conference call with analysts.
Shares closed up 30 cents, or 12 percent, to $2.77 on the Nasdaq.