Happi Staff10.21.20
WD-40 Company has reported its financial results for the fourth quarter and fiscal year ended August 31, 2020. Total net sales for the fourth quarter were $111.6 million, an increase of 5 percent compared to the prior year fiscal quarter. For the full fiscal year, total net sales were $408.5 million, a decrease of 4 percent compared to the prior fiscal year.
"Fiscal year 2020 brought us many unexpected challenges but it also brought many unexpected opportunities," commented Garry Ridge, WD-40 Company's chairman and chief executive officer. "As a global business that sells products in more than 176 countries and territories around the world, each of our markets were impacted differently by the COVID-19 pandemic and therefore our sales results varied greatly between geographies. In geographies where retail operations remained open and where we were able to leverage our strong digital presence, we saw strong sales growth. However, in markets with strict movement restrictions in place or less developed e-commerce adoption, our sales were challenged."
“2020 has been challenging but we have successfully been able to stabilize, secure, and reset our business so that we will thrive in the future," Ridge concluded.
Net sales of homecare and cleaning products increased by 15 percent in the fourth quarter when compared to the prior year fiscal quarter. The company experienced a significant increase in sales of its homecare and cleaning products beginning in the third quarter of fiscal year 2020 due to increased demand for such products as a result of the Covid-19 pandemic. While each of the company’s homecare and cleaning products have continued to generate positive cash flows, it had experienced decreased or flat sales for many of these products in recent years prior to the COVID-19 pandemic.
Net sales of maintenance products increased 4 percent in the fourth quarter when compared to the prior year fiscal quarter. This sales growth was primarily attributable to increased sales of WD-40 Multi-Use Product and WD-40 BIKE within the Americas and EMEA segments, which were partially offset by lower sales of WD-40 Multi-Use Product in the Asia-Pacific segment.
"Fiscal year 2020 brought us many unexpected challenges but it also brought many unexpected opportunities," commented Garry Ridge, WD-40 Company's chairman and chief executive officer. "As a global business that sells products in more than 176 countries and territories around the world, each of our markets were impacted differently by the COVID-19 pandemic and therefore our sales results varied greatly between geographies. In geographies where retail operations remained open and where we were able to leverage our strong digital presence, we saw strong sales growth. However, in markets with strict movement restrictions in place or less developed e-commerce adoption, our sales were challenged."
“2020 has been challenging but we have successfully been able to stabilize, secure, and reset our business so that we will thrive in the future," Ridge concluded.
Net sales of homecare and cleaning products increased by 15 percent in the fourth quarter when compared to the prior year fiscal quarter. The company experienced a significant increase in sales of its homecare and cleaning products beginning in the third quarter of fiscal year 2020 due to increased demand for such products as a result of the Covid-19 pandemic. While each of the company’s homecare and cleaning products have continued to generate positive cash flows, it had experienced decreased or flat sales for many of these products in recent years prior to the COVID-19 pandemic.
Net sales of maintenance products increased 4 percent in the fourth quarter when compared to the prior year fiscal quarter. This sales growth was primarily attributable to increased sales of WD-40 Multi-Use Product and WD-40 BIKE within the Americas and EMEA segments, which were partially offset by lower sales of WD-40 Multi-Use Product in the Asia-Pacific segment.