07.01.21
San Diego, CA
www.WD.com
Sales: $408 million
Key personnel
Garry Ridge, chairman and chief executive officer
Major products
Maintenance and cleaning products including WD-40, X-14, 2000 Flushes, Carpet Fresh, No Vac, Spot Shot, Lava and Solvol
Comments: WD-40 Company’s sales for fiscal 2020 fell 4%.
“Fiscal year 2020 brought us many unexpected challenges but it also brought many unexpected opportunities,” said Garry Ridge, WD-40 Company’s chairman and chief executive officer, wrote upon the release of the numbers. “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.”
One boon: home renovation. Consumers stuck inside their homes saw flaws, and set out to fix them. Ridge dubbed it “isolation renovation,” and he noted that in nearly all its direct markets, WD-40 saw double-digit sales growth of WD-40 Multi-Use Product due to this phenomenon.
The pandemic also helped WD-40’s home care and cleaning products performance—a sector that generated positive cash flows for the company but typically experienced decreasing or flat sales. According to WD-40, sales of home care and cleaning products increased by 15% in the fourth quarter when compared to the prior year fiscal quarter, and that came following a significant increase beginning in the third quarter of fiscal year 2020.
Things have continued to look brighter for the company so far this year. Total net sales for the first quarter of fiscal 2021 rose 26% compared to the prior year fiscal quarter with net sales of homecare and cleaning products up 15 %. In the second quarter, total net sales were 12% compared to the prior year fiscal quarter. There has been a slowdown in growth, however, in home care.
www.WD.com
Sales: $408 million
Key personnel
Garry Ridge, chairman and chief executive officer
Major products
Maintenance and cleaning products including WD-40, X-14, 2000 Flushes, Carpet Fresh, No Vac, Spot Shot, Lava and Solvol
Comments: WD-40 Company’s sales for fiscal 2020 fell 4%.
“Fiscal year 2020 brought us many unexpected challenges but it also brought many unexpected opportunities,” said Garry Ridge, WD-40 Company’s chairman and chief executive officer, wrote upon the release of the numbers. “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.”
One boon: home renovation. Consumers stuck inside their homes saw flaws, and set out to fix them. Ridge dubbed it “isolation renovation,” and he noted that in nearly all its direct markets, WD-40 saw double-digit sales growth of WD-40 Multi-Use Product due to this phenomenon.
The pandemic also helped WD-40’s home care and cleaning products performance—a sector that generated positive cash flows for the company but typically experienced decreasing or flat sales. According to WD-40, sales of home care and cleaning products increased by 15% in the fourth quarter when compared to the prior year fiscal quarter, and that came following a significant increase beginning in the third quarter of fiscal year 2020.
Things have continued to look brighter for the company so far this year. Total net sales for the first quarter of fiscal 2021 rose 26% compared to the prior year fiscal quarter with net sales of homecare and cleaning products up 15 %. In the second quarter, total net sales were 12% compared to the prior year fiscal quarter. There has been a slowdown in growth, however, in home care.