WD-40 sales down 3 percent
WD-40 Company reported net sales for the second quarter were $94.6 million, a decrease of 3 percent compared to the prior year fiscal quarter.
Year-to-date total net sales were $187.1 million, a decrease of 3 percent compared to the prior year fiscal period.
Net income for the quarter was $13.7 million, an increase of 21 percent compared to the prior year fiscal quarter. Year-to-date net income was $25.7 million, an increase of 16 percent from the prior year fiscal period. Diluted earnings per share of 94 cents compared to 76 cents per share for the prior year fiscal quarter. Year-to-date diluted earnings per share were $1.77 compared to $1.49 in the prior year fiscal period.
"Our second quarter results are a true reflection of the diversity of our business across geographies, trade channels and economies," said Garry Ridge, WD-40 Company's president and chief executive officer. "Foreign currency exchange rate fluctuations continue to negatively impact our reported sales. When we compare sales to last fiscal year's second quarter our European markets, in particular, continue to be heavily impacted by the weakening of the euro against the pound sterling as well as the strength of the U.S. dollar. On a more positive note, WD-40 Specialist grew 20 percent globally during the second quarter and I continue to expect it will provide the company with many long-term growth opportunities."
Net sales of maintenance products, which are considered the primary growth focus for the company, decreased 2 percent in the quarter compared to the prior fiscal year period.
Net sales of homecare and cleaning products decreased 8 percent in the quarter compared to the prior fiscal year period.