WD-40 Company’s 1Q Net Sales up 2.3%

WD-40 Company, San Diego, CA, today reported net sales for the quarter ended November 30, 2003 were $52.5 million, an increase of 2.3% over the first quarter last fiscal year. Net income for the quarter was $4.4 million, or $0.26 per share, up 0.8% compared to the prior year’s quarter.

“We had a solid quarter and are well poised to meet our goals for the year,” said Garry O. Ridge, WD-40 company president and chief executive officer.

Total sales for the quarter were 75.6% from the Americas, 19.3% from Europe and 5.1% from Asia/Pacific. In the Americas, sales for the quarter were down 0.7% from a year ago. Spot Shot and 2000 Flushes clip-ons were major emphases for the company.

The company also began packaging innovation for several brands, and launched a new WD-40 ad campaign with the rollout of the new WD-40 Big Blast.

In fiscal year 2004, which ends August 31, 2004, WD-40 executives expect an increase in net sales of 9.4% over fiscal 2003.