Exhibit 99.1



WD-40 Company Reports First Quarter 2021 Financial Results

~ First quarter consolidated net sales grew by 26 percent compared to prior year fiscal quarter ~

~ First quarter diluted EPS of $1.72 compared to $0.88 in the prior year fiscal quarter ~



SAN DIEGO  January 7, 2021 ― 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 first fiscal quarter ended November 30, 2020.



Financial Highlights and Summary

·

Total net sales for the first quarter were $124.6 million,  an increase of 26 percent compared to the prior year fiscal quarter 

·

Translation of the Company’s foreign subsidiary results from their functional currencies to U.S. dollars had a favorable impact on sales for the first quarter.  On a constant currency basis, total net sales would have been  $121.8 million for the first quarter.

·

Net income for the  first quarter was $23.6 million, an increase of 94 percent  from the prior year fiscal quarter.

·

Diluted earnings per share were $1.72 compared to $0.88 in the prior year fiscal quarter.

·

Gross margin percentage was 56.4 percent compared to 54.3 percent in the prior year fiscal quarter.

·

Selling, general and administrative expenses were up 10 percent in the first quarter to $36.0 million compared to the prior year fiscal quarter.  

·

Advertising and sales promotion expenses were down 1 percent to $5.5 million compared to the prior year fiscal quarter.



“We offer a variety of maintenance and cleaning products that have been in very high demand during these highly unusual times,” said Garry Ridge, WD-40 Company’s chairman and chief executive officer. “Our sales increased 26 percent compared to the first quarter of last year due primarily to increased demand for our products linked to renovation trends associated with the pandemic. We call this phenomenon ‘isolation renovation’ and we are experiencing it in nearly all of our direct markets around the world.”    



“This tremendous result is due to our tribe’s hard work and dedication to delivering product to meet these increased consumer demands. I want to thank the tribe for working hard to ensure that customer orders can be fulfilled, production lines at our third-party manufacturers are functioning, and customers and end-users can get the products they need.”



“We are off to a very strong start in fiscal year 2021. However, due to the fluidity with which the pandemic continues to evolve, it is very difficult for us to estimate how the pandemic might impact our sales results for the remainder of the fiscal yearIf there is a shift in spending patterns or a global economic downturn in the wake of the pandemic it could adversely impact our financial results,” Ridge concluded.



Net Sales by Segment (in thousands):







 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 



Three Months Ended November 30,



2020

 

2019

 

Change

Americas

$

54,188 

 

$

46,736 

 

 

16% 

EMEA

 

54,749 

 

 

39,245 

 

 

40% 

Asia-Pacific

 

15,622 

 

 

12,575 

 

 

24% 

Total

$

124,559 

 

$

98,556 

 

 

26% 



 

 

 

 

 

 

 

 

1

 


The following information was filed by Wd 40 Co (WDFC) on Thursday, January 7, 2021 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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