WD-40 Sees Sales Increase

WD-40 Company had total net sales of $134.7 million in the first fiscal quarter of 2021, an eight per cent increase year-over-year. Furthermore, the company had a net income of $18.6 million, a decrease of 21 per cent from the prior year fiscal quarter, and selling, general, and administrative expenses went up seven per cent to $38.4 million. "Our maintenance products delivered solid sales increases in the first quarter including 14 per cent growth of WD-40 Multi-Use Product," says Garry Ridge, chairman and chief executive officer at WD-40 Company. "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."