WD-40's Q4 results a mixed bag
WD-40 Co. reported growth in net sales for the fourth quarter ended Aug. 31, though net income was down on a year-over-year basis.
Net sales saw an increase of 10% from 2012's fourth-quarter sales, with year-to-date sales up 8% year-over-year at $368.5 million. Multi-purpose maintenance products, the company's main product category, saw an even bigger boost, with a 16% increase to $81.6 million. Homecare and cleaning products were down 16% to $11.9 million, though the company is focusing less on this category as multi-purpose maintenance products experience increased growth.
Meanwhile, net income was down 9% at $8.1 million, though the year-to-date income of $39.8 million was up 12% from the prior fiscal year.
"We have been celebrating our 60th anniversary and are pleased to report a record year for the company during this important milestone," said Garry Ridge, WD-40 president and CEO. "Our tribe's continued focus on our key strategic initiatives and thinking big about our future has paid off in spades with great results across all trading blocs. We continue to see ourselves as a growth company, and our performance supports that."
The company cited strong growth in the EMEA region, as well as its Asia Pacific business, which has experienced steady growth since 2009. Ridge also highlighted the potential of its China operations, where WD-40 experienced "a record year" but expects "some volatility along the way due to promotional timing, the fluctuations of building distribution, shifting economic growth patterns and varying industrial activities."