WD-40 4Q sales fall 6 percent
WD-40 Company said its net sales for the fourth quarter were $92.0 million, a decrease of 6 percent compared to the prior year fiscal quarter.
Total net sales for the full fiscal year were $378.2 million, a decrease of 1 percent from the prior fiscal year.
Net income for the quarter was $11.7 million, an increase of 2 percent compared to the prior year fiscal quarter. Net income for the full fiscal year was $44.8 million, an increase of 2 percent from the prior fiscal year. Diluted earnings per share were 80 cents in the fourth quarter, compared to 77cents per share for the prior year fiscal quarter. Diluted earnings per share for the full fiscal year were $3.04 compared to $2.87 in the prior fiscal year.
"Fiscal year 2015 was a year of solid operating performance that was obscured by the impacts of political events, economic instability, a strong U.S. dollar and a particularly weak euro against the pound sterling," said Garry Ridge, WD-40 Company's president and chief executive officer. "We have built a global company and approximately 40 percent of our sales are currently generated in currencies other than the U.S. dollar. With this comes risk. If you take both translation and transaction exposure into consideration, changes in foreign currency exchange rates reduced our total net sales by approximately $16 million for fiscal year 2015."
Net sales of maintenance products, which are considered the primary focus for the company, decreased 6 percent in the fourth fiscal quarter and 1 percent for the full fiscal year when compared to the prior fiscal year periods.
Net sales of homecare and cleaning products decreased 6 percent in the fourth fiscal quarter and 1 percent for the full fiscal year when compared to the prior fiscal year periods.
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.
