Business
WD-40 Company Reports First Quarter 2022 Financial Results
~ First quarter maintenance product sales grew by 10 percent compared to prior year fiscal quarter SAN DIEGO, Jan. 6, 2022 /PRNewswire/ -- WD-40 Company
About this update from Wd-40 Company
[{"type":"text","content":"~ First quarter maintenance product sales grew by 10 percent compared to prior year fiscal quarter\n\n\nSAN DIEGO, Jan. 6, 2022 /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, 2021.\n\n \n \n \n \n \n \n\n \nFinancial Highlights and Summary\nTotal net sales for the first quarter were $134.7 million, an increase of 8 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 $131.3 million for the first quarter. Net income for the first quarter was $18.6 million, a decrease of 21 percent from the prior year fiscal quarter. Diluted earnings per share were $1.34 compared to $1.72 in the prior year fiscal quarter. Gross margin percentage was 50.8 percent compared to 56.4 percent in the prior year fiscal quarter. Selling, general and administrative expenses were up 7 percent in the first quarter to $38.4 million compared to the prior year fiscal quarter. Advertising and sales promotion expenses were up 2 percent to $5.6 million compared to the prior year fiscal quarter.\"Our maintenance products delivered solid sales increases in the first quarter including 14 percent growth of WD-40 Multi-Use Product,\" said Garry Ridge, WD-40 Company's chairman and chief executive officer. \"We are pleased with our topline results in the quarter, but we are facing a volatile and challenging environment that is deteriorating our gross margin and causing disruptions to our supply chain.\"\n\"This is a different game that we're playing and we are using a different playbook. We expect the operating environment to remain volatile and so we are proactively increasing the capacity and resiliency of our supply chain in many of our markets. In addition, in order to navigate the challenging inflationary environment, we are taking the necessary actions to restore our gross margins to historic levels. We're confident that our plans to rebuild margin, when coupled with the advancement of our...