WD-40 Company (NASDAQ: WDFC) on Wednesday reported financial results for its first fiscal quarter ended Nov. 30.
Total net sales for the first quarter were $96.4 million, an year-over-year increase of 1 percent. On a constant currency basis, total net sales were $95.8 million for the quarter.
Net income for the first quarter was $10.8 million, a YOY decrease of 6 percent.
Diluted earnings per share were $0.73 quarter, compared to $0.74 per share in Q1 last year.
Gross margin was 51.6 percent in the first quarter compared to 52.0 percent in the prior year fiscal quarter.
Selling, general, and administrative expenses were up 3 percent in the first quarter to $27.4 million, while advertising and sales promotion expenses were up 5 percent in the first quarter to $5.9 million.
"During the quarter we experienced slow but steady growth of our multi-purpose maintenance products," said Garry Ridge, WD-40 Company's president and chief executive officer in a statement. "We did experience a decline in sales in our European markets and we've linked that decline to the unfavorable impact of foreign currency exchange rates, particularly the euro and U.S. dollar relative to the pound sterling, as well as the timing of customer orders within that region. Overall we are off to a good start in 2015 and we see a solid, steady year ahead as we continue to put our efforts behind our key strategic initiatives," Ridge added.
