Maintenance Products Drive WD-40 Growth

WD-40 Company had total net sales of $115.2 million for the fourth quarter of fiscal 2021, an increase of three per cent compared to net sales of $111.6 million for the fourth quarter of fiscal 2020. Sales in the Americas decreased five per cent year-over-year, primarily due to lower sales of WD-40 Multi-Use Product in the U.S. and Canada which decreased five per cent and 17 per cent, respectively. Net sales of maintenance products, which are considered the primary growth focus for the company, increased four per cent year-over-year while net sales of homecare and cleaning products remained relatively constant. Net income for the quarter was $8.4 million, a decrease of 57 per cent compared to the prior-year quarter. Gross margin was 51.2 per cent compared to 56.3 per cent last year.