WD-40’s Sales Up 14.5% in Second Quarter

WD-40 Company, San Diego, CA, reported net sales for the second quarter ended Feb. 28 were $58.3 million, an increase of 14.5% over the second quarter of last year. Year-to-date sales were reported at $109.7 million, an increase of 10.4% over the six-month period last year.

Net income for the quarter was $8.2 million, compared to $6.5 million for the prior year’s quarter, an increase of 26.2%. Net income for the first six months was $12.6 million, or $0.75 per share compared to $10.9 million, or $0.68 per share for the first half of last year. Net income was reduced by $0.035 per share for both the quarter and year-to-date periods due to an unexpected loss caused by the write-off of a non-compete agreement.

“We had strong results in Asia, Canada and Europe as well as some challenges in the U.S. markets during the quarter,” said Garry O. Ridge, WD-40 Company president and chief executive officer. “While organic growth continues to strengthen our business in many markets, we are concerned about uncertainty of the marketplace during this time of world conflict. We have stayed focused on our priorities of increasing WD-40 sales internationally and growing the Spot Shot and Carpet Fresh brands in the U.S. as well as managing our expenses.”

Total sales for the quarter were 73% from the Americas, 21% from Europe and 6% from Asia/Pacific. In the Americas, sales for the second quarter were up 9% from a year ago and up 8% on a year to date basis.

“We will continue to move forward with our focus on growing our business in the key areas we have identified, making sure we are well run and efficient with expenses, and delivering results,” Mr. Ridge said.