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WD-40 Sales Up Slightly in First Quarter

Profit increased 5 percent to $11.5 million.

WD-40 Co. (Nasdaq: WDFC), San Diego, CA, reported sales for the first quarter ended Nov. 30, 2013, of $95.5 million, an increase of 0.3 percent compared to the same period a year ago. Profit increased 5 percent to $11.5 million.

First-quarter multi-purpose maintenance products sales, which include the WD-40 and 3-IN-ONE brands, were $83.9 million, up 3 percent from the prior year. Homecare and cleaning products sales, which include all other brands, were $11.6 million for the first quarter, down 15 percent. According to a press release, the multi-purpose maintenance products segment is a priority for WD-40, while the U.S. homecare and cleaning products are considered harvest brands. 

"Our continued focus on our multi-purpose maintenance products and broadening our product and revenue base has proven successful with the positive growth of the WD-40 Specialist product line and some exciting items we are working on for the 3-IN-ONE brand," Garry Ridge, president and CEO, said."We continue to maintain the homecare and cleaning products, as these brands continue to generate positive cash flow despite the sales declines, with a portion of the declines stemming from our decision to reduce sales of low margin products within these brands."

Americas segment sales in the first quarter were $44 million, down 3 percent compared to the first quarter of the prior fiscal year. The Europe, Middle East, Africa and India (EMEA) segment sales were $36.5 million, up 3 percent year-on-year. Asia-Pacific segment sales were $15 million for the quarter, up 4 percent.


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