WD-40 shows growth in first quarter
San Diego-based WD-40 Company reported gains in sales and net income in the first quarter and also the largest sales quarter in the company's history.
WD-40 sales for the quarter ended Nov. 30 were $95.5 million, up slightly from $95.3 million in the same quarter last year. Net income of $11.5 million was up 5% from $10.9 million.
"We are pleased that we were able to improve our gross margin in the quarter, which was in part due to our supply chain improvement initiatives," said CEO Garry Ridge.
The company is focusing primarily on multi-purpose maintenance products, which include WD-40 and 3-IN-ONE brand. The company says it is deemphasizing homecare and cleaning products, which were down 15% in the first quarter. Among the homecare products are Carpet Fresh, No Vac, Spot Shot and Lava.
In 2012, the company launched WD-40 Specialist product line. In the first quarter, the line was expanded to eight additional countries, including Australia and Turkey.