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Nov. 21, 2022

Economic Uncertainties Impact WD-40

WD-40 Company had net sales of $130.4 million for the fourth quarter of fiscal 2022, an increase of 13 per cent compared to net sales of $115.2 million in the fourth quarter of 2021. Net income for the quarter was $14.8 million, an increase of 77 per cent compared to net income of $8.4 million in the prior year fiscal quarter. Gross margin was 47.4 per cent compared to 51.2 per cent in the year-ago period. The company says results were impacted by inflation, geopolitical tensions, currency headwinds, and continuing disruptions caused by the COVID-19 pandemic. Net sales of maintenance products, which are considered the primary growth focus for the company, increased 17 per cent year over year. Net sales of homecare and cleaning products decreased 22 per cent.

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