WD-40 sees Q2 sales rise
WD-40 Company (WDFC) announced a rise in net sales for its second quarter of fiscal year 2022 ending February 28, 2022, indicating growth in maintenance product sales up 14% year-to-date.
“The resilience of the WD-40 brand has enabled us to be off to a solid start in fiscal year 2022,” said Garry Ridge, WD-40 chairman and CEO. “I am also happy to share with you that our commitment to continuous improvement has resulted in significant improvements to our supply chain in the United States.”
The San Diego, Calif.-based company reported total net sales for the second quarter were $130.0 million, an increase of 16% compared to the prior year fiscal quarter. Year-to-date total net sales were $264.7 million, an increase of 12% compared to the prior year fiscal period.
Net sales by segment as a percent of total net sales for the second quarter were as follows: For the Americas, 42%; for EMEA, 42%; and for Asia-Pacific, 16%.
WD-40 said net sales in the Americas increased 18% in the second quarter due primarily to higher sales of maintenance products in the U.S. which increased 26% compared to the prior year fiscal quarter. The increase in sales was due primarily to greater product availability as a result of adjustments the company made to its U.S, supply chain to increase the production capacity of its highest volume products.
In addition, price increases that took effect in the first quarter of this fiscal year contributed to increased sales in the U.S. from period to period, said the firm.
The Bottom Line: WD-40 Company had net sales increases of 16% to $130 million, driven primarily by maintenance product sales gains.
What the CEO said: “The enhancements we have made have enabled us to increase the production capacity of our highest volume products and return to solid growth in our largest market, the U.S., which experienced a 26% increase in maintenance product sales in the second quarter” said Garry Ridge, WD-40 chairman and CEO.
Company info: Click HERE to read the full second fiscal quarter financial report from WD-40 Company.