The 2020 Mid-Year Economic Update_long

WD-40 Sales Up 4% for Fiscal 2014

Sales in the fourth quarter also grew 4 percent, driven by increases in EMEA and Asia-Pacific.

WD-40 Company (NASDAQ: WDFC), San Diego, CA, reported sales for the fiscal year ended Aug. 31 of $383 million, a year-over-year increase of 4 percent. Profit grew 10 percent to $43.7 million.

For the fourth quarter, sales were $97.6 million, up 4 percent over the same period a year ago. Profit increased 42 percent to $11.5 million.

"While we saw both positive and negative impacts from changes in foreign currency exchange rates, we had local currency growth across key markets and the fourth quarter was our highest revenue quarter in history," said Garry Ridge, president and CEO. "We continue to focus on our key strategic initiatives, which include growing our core business of multi-purpose maintenance products, and we are pleased with our progress in this area."

Increased sales in EMEA and Asia-Pacific more than offset slight declines in the Americas. The decline in sales in the Americas in the fourth fiscal quarter was primarily due to the timing of promotional activities in the U.S. and certain short-term factors, including temporary shifts in distribution, which negatively impacted sales in Canada.

The increase in sales in EMEA in the fourth quarter was driven by the favorable impact of foreign currency exchange rates, as well as increased promotional activities within the segment. On a constant currency basis EMEA net sales for the fourth quarter would have been relatively constant compared to the prior fiscal period.

The increase in sales in Asia-Pacific in the fourth quarter was due primarily to expanded distribution, increased promotional activities and the continued expansion of the WD-40 Specialist product line.

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