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U.S. Auto Parts drives sales higher in Q3
With the Whitney deal factored in, revenue grew 54% to $72.3 million.
U.S. Auto Parts Network is seeing the first result of its acquisition of Whitney Automotive: bigger top line numbers.
For the third quarter ended Oct. 2, U.S. Auto Parts Network, No. 91 in the Internet Retailer Top 500 Guide, reported:
- An increase in web sales of 53.8% to $72.3 million from $47.0 million in the third quarter of 2009. Excluding added revenue from the acquisition of Whitney Automotive Group (No. 119), web sales rose year over about 25% to $58.7 million from $47.0 million.
- Net loss in the third quarter was $13.0 million compared to net income of $781,000 million in the third quarter of 2009.
- Average conversion rate increased slightly to 1.6% from 1.4% in the prior year’s quarter.
- U.S. Auto Parts processed 582,000 orders in the third quarter, up 50.8% from 386,000 orders in Q3 of 2009.
- The average Q2 order was $121, up 2.5% from $118 in the prior year.
- Visitor traffic increased year over year 28.4% to 34.8 million from 27.1 million.
“We have been maniacally focused on accelerating Whitney's integration onto our platform so that our skills at driving traffic, increasing selection and maximizing supply chain efficiency can be deployed,” says CEO Shane Evangelist. “The first Whitney URL, Carparts.com, was ported over to our information technology backbone at the end of October and we plan to methodically transition the remaining Whitney sites by the end of Q2 2011.”
U.S. Auto Parts acquired Whitney in a deal valued at $27.5 million and the assumption of approximately $11 million in trade-related and other payables in August.
For the first nine months, U.S. Auto Parts also reported:
- Sales increased 39.3% to $181.8 million from $130.5 million in the first nine months of 2009.
- Net loss was $11.0 million compared to net income of $731,000 in the prior year.