WD-40 sales up, earnings down
WD-40 Company reported net sales for the first quarter were $96.4 million, an increase of 1 percent compared to the prior year fiscal quarter.
Net income for the first quarter was $10.8 million, a decrease of 6 percent compared to the prior year fiscal quarter.
"During the quarter we experienced slow but steady growth of our multi-purpose maintenance products," said Garry Ridge, WD-40 Company's president and chief executive officer. "We did experience a decline in sales in our European markets and we've linked that decline to the unfavorable impact of foreign currency exchange rates, particularly the euro and U.S. dollar relative to the pound sterling, as well as the timing of customer orders within that region. Overall we are off to a good start in 2015 and we see a solid, steady year ahead as we continue to put our efforts behind our key strategic initiatives," Ridge added.
Net sales of multi-purpose maintenance products, which are considered the primary growth focus for the company, grew 1 percent in the first fiscal quarter when compared to the prior year fiscal quarter. This growth was driven primarily by expansion of the WD-40 Specialist product line in the Americas and Asia-Pacific.
Net sales of homecare and cleaning products decreased 1 percent in the current quarter.
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
