WD-40 Q1 sales decline 4 percent
WD-40 Company reported net sales for the first quarter of fiscal 2016 were $92.5 million, a decrease of 4 percent compared to the prior year fiscal period.
Net income for the first quarter was $12.1 million, an increase of 12 percent from the prior year fiscal period.
"Although foreign currency exchange rate fluctuations negatively impacted our reported sales, we continue to see maintenance product sales growth in local currencies in nearly all our markets," said Garry Ridge, WD-40 Company's president and chief executive officer.
Net sales of maintenance products, which are considered the primary growth focus for the Company, decreased 3 percent in the first fiscal quarter when compared to the prior fiscal quarter period.
Net sales of homecare and cleaning products decreased 10 percent for the current quarter compared to the prior fiscal year period. The homecare and cleaning products, particularly those in the U.S., are considered harvest brands providing healthy profit returns to the company but are becoming a smaller part of the business as net sales of maintenance products grow per the execution of WD-40's strategic initiatives.
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.
