WD-40 sets sales record
WD-40, the San Diego-based maker of lubricants and home cleaning and maintenance products, reported net sales of $90.7 million for its fourth fiscal quarter, an increase of 12% from sales in the same quarter a year ago. Net income for the quarter, which ended Aug. 31, was $10.2 million, an increase of 48% compared with the prior-year fiscal quarter.
In year-end results, net sales were $336.4 million, up 5% from the prior fiscal year -- a record for the company. Year-to-date net income was $36.4 million, an increase of 1% from the prior fiscal year, also a record for the company.
In a prepared statement, company CEO and president Garry Ridge said: “While we are happy with the big year we had and our record sales and net income, the year was not without its own pains with the pressure of rising commodity prices, reduction of gross margin and flat earnings.
“We launched three new products in the new WD-40 Specialist product line, a portfolio of specialty problem-solving products aimed at the trade and doer enthusiast, as planned in 2011," Ridge said. "We will add new items as we roll out the line in January 2012 in the U.S. and in other regions later in the year.”