Exhibit 99.1



WD-40 Company Reports Fourth Quarter and Fiscal Year 2020 Financial Results 

~ Consolidated net sales grew 5 percent in the fourth quarter compared to prior year fiscal quarter  ~



SAN DIEGO – October 20, 2020  WD-40 Company (NASDAQ:WDFC), a global marketing organization dedicated to creating positive lasting memories by developing and selling products that solve problems in workshops, factories and homes around the world, today reported financial results for its fourth quarter and fiscal year ended August 31, 2020.



Financial Highlights and Summary

·

Total net sales for the fourth quarter were $111.6 million, an increase of 5 percent compared to the prior year fiscal quarter. For the full fiscal year, total net sales were $408.5 million, a decrease of 4 percent compared to the prior fiscal year.  

·

Translation of the Company’s foreign subsidiary results to U.S. dollars had an unfavorable impact on sales for the current quarter and full fiscal year.  On a constant currency basis, total net sales would have been $112.3 million for the fourth quarter and $413.4 million for the full fiscal year.  

·

Net income for the fourth quarter was $19.7 million, an increase of 129 percent compared to the prior year fiscal quarter. For the full fiscal year, net income was $60.7 million, an increase of 9 percent from the prior fiscal year.  Net income in fiscal year 2019 was unfavorably impacted by a reserve for an uncertain tax position of $8.7 million that was recorded during the fourth quarter of fiscal year 2019. 

·

Diluted earnings per share were $1.42 in the fourth quarter, compared to $0.63 per share for the prior year fiscal quarter. For the full fiscal year, diluted earnings per share were $4.40 compared to $4.02 in the prior fiscal year.

·

Gross margin was 56.3 percent in the fourth quarter compared to 54.6 percent in the prior year fiscal quarter.  For the full fiscal year, gross margin was 54.6 percent compared to 54.9 percent in the prior fiscal year.

·

Selling, general and administrative expenses were up 10 percent in the fourth quarter to $31.6 million when compared to the prior year fiscal quarterSelling, general and administrative expenses for the full fiscal year were down 2 percent to $122.0 million compared to the prior fiscal year

·

Advertising and sales promotion expenses were up 9 percent in the fourth quarter to $6.4 million when compared to the prior year fiscal quarter.  Advertising and sales promotion expenses for the full fiscal year were down 7 percent to  $21.6 million compared to the prior fiscal year.    



“Fiscal year 2020 brought us many unexpected challenges but it also brought many unexpected opportunities,” said Garry Ridge, WD-40 Company’s chairman and chief executive officer. “As a global business that sells products in more than 176 countries and territories around the world, each of our markets  were impacted differently by the COVID-19 pandemic and therefore our sales results varied greatly between geographies. In geographies where retail operations remained open and where we were able to leverage our strong digital presence, we saw strong sales growth. However, in markets with strict movement restrictions in place or less developed e-commerce adoption, our sales were challenged.    



“An unexpected developing trend we experienced in the fourth quarter was an increase in demand for products linked to renovation trends associated with the COVID-19 pandemic.  It seems that the more time people spend isolated in their homes, the more time and money they spend making home improvements.  We are calling this trend, isolation renovation and in nearly all our direct markets we saw double-digit sales growth of WD-40 Multi-Use Product due to this phenomenon.”  

1

 


The following information was filed by Wd 40 Co (WDFC) on Tuesday, October 20, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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