Business
WD-40 Company Reports First Quarter 2021 Financial Results
~ First quarter consolidated net sales grew by 26 percent compared to prior year fiscal quarter ~~ First quarter diluted EPS of $1.72 compared to $0.88 in the
About this update from Wd-40 Company
[{"type":"text","content":"~ First quarter consolidated net sales grew by 26 percent compared to prior year fiscal quarter\n ~~ First quarter diluted EPS of $1.72 compared to $0.88 in the prior year fiscal quarter\n\n\nSAN DIEGO, Jan. 7, 2021 /PRNewswire/ -- WD-40 Company (NASDAQ:WDFC), a global marketing organization dedicated to creating positive lasting memories by developing and selling products that solve problems in workshops, factories and homes around the world, today reported financial results for its first fiscal quarter ended November 30, 2020.\n\n \n \n \n \n \n \n\n \nFinancial Highlights and Summary\nTotal net sales for the first quarter were $124.6 million, an increase of 26 percent compared to the prior year fiscal quarter. Translation of the Company's foreign subsidiary results from their functional currencies to U.S. dollars had a favorable impact on sales for the first quarter. On a constant currency basis, total net sales would have been $121.8 million for the first quarter. Net income for the first quarter was $23.6 million, an increase of 94 percent from the prior year fiscal quarter. Diluted earnings per share were $1.72 compared to $0.88 in the prior year fiscal quarter. Gross margin percentage was 56.4 percent compared to 54.3 percent in the prior year fiscal quarter. Selling, general and administrative expenses were up 10 percent in the first quarter to $36.0 million compared to the prior year fiscal quarter. Advertising and sales promotion expenses were down 1 percent to $5.5 million compared to the prior year fiscal quarter.\"We offer a variety of maintenance and cleaning products that have been in very high demand during these highly unusual times,\" said Garry Ridge, WD-40 Company's chairman and chief executive officer. \"Our sales increased 26 percent compared to the first quarter of last year due primarily to increased demand for our products linked to renovation trends associated with the pandemic. We call this phenomenon 'isolation renovation' and we are experiencing it in nearly all of our direct markets around the world.\" \n\"This tremendous result is due to our tribe's hard work and dedication to delivering product to meet these increased consumer demands. I want to thank the tribe for working hard to ensure that customer orders can be fulfilled, production lines at our third-party manufacturers are functioning, and c...