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WD-40 Company Reports Second Quarter 2019 Financial Results
~ Foreign currency exchange rate fluctuations had an unfavorable impact on reported net sales results ~
~ Management reiterates previously issued fiscal year guidance ~
SAN DIEGO – April 9, 2019 ― 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 second fiscal quarter ended February 28, 2019.
Financial Highlights and Summary
“I have often found it wise to consider whether an ‘event’ or a ‘trend’ is behind any particular operational outcome. This quarter is a great example of why I think about our business in this way,” said Garry Ridge, WD-40 Company’s president and chief executive officer. “We experienced two ‘events’ in the United States this quarter that resulted in a 6 percent decline in sales of WD-40 Multi-Use Product in the country compared to last year. This decline in sales was driven by the rotation of products that periodically occurs in the warehouse club channel as well as some delayed promotions with a key U.S. customer.
“Product rotation is a very normal ‘event’ in the warehouse club channel driven by the fact that they have a limited amount of shelf space for a limited number of brands. Additionally, the delayed promotions we experienced with a key U.S. customer is directly tied to the proactive price increases we put in place last June to offset rising commodity prices. Though necessary, pricing decisions like these, can cause ‘events’ which are disruptive.
“Even though we had softer revenue in the quarter than we would have liked due to these ‘events,’ in the U.S., we continue to see long-term global growth that is in-line with our aspirational targets. For example, on a constant currency basis EMEA sales for the second quarter increased by 10 percent compared to the prior year fiscal quarter. This is on the high-end of our targeted compound annual growth rate for this segment. While we expect we will continue to see fluctuations in the performance of certain markets quarter to quarter, our long-term growth plans remain unchanged,” concluded Ridge.
The following information was filed by Wd 40 Co (WDFC) on Tuesday, April 9, 2019 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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