WD-40’s First Quarter Sales Rise 4%

WD-40 Company’s sales for the first quarter ended November 30, 2010 were $80.9 million, an increase of 4% from the first quarter last year. Net income for the first quarter was $9.1 million, down 4% from the prior fiscal year first quarter.

“We had a solid performance in the first quarter that reflects the hard work and focus we have put into our four strategic initiatives, and that continues to serve us well,” said Garry O. Ridge, WD-40 Company president and chief executive officer. “As it relates to the geographic expansion strategic initiative, we have been successful in building our base business across the globe and we have seen robust growth in many international markets, while maintaining our gross margins above our target of 50%.”

WD-40 said its focus on its multi-purpose strategic initiative delivered sales growth during the first quarter. The first quarter multi-purpose maintenance products sales, which include the WD-40, 3-In-One, and Blue Works brands, were $66.5 million, up 10% from the same quarter last fiscal year. However, the company’s homecare and cleaning products sales, which include all other brands, were $14.4 million in the first quarter, down 16% from the same period last fiscal year.