San Diego-based WD-40 Co. posted net sales of $79.2 million in the second quarter ended Feb. 28, down 2% from the same quarter last year.
Net income for the multi-brand maintenance-and-home-care-products company declined 15% to $9.1 million.
Garry O. Ridge, WD-40 Co. president and CEO said the company continues to invest in its core strategic initiatives -- "which are to expand into growth markets, to bring innovation into existing markets, to develop our business through acquisitions and strategic partnerships and to take advantage of new marketing strategies to leverage our loyal end-users' affinity for our brands." he said. "This focus continues to pay off as we plan for the future."
On the development side, it has been one year since WD-40 launched the Blue Works product line of industrial grade specialty maintenance products. Sales increased 32% in the United States in the second quarter, Ridge said. Blue Works launched in the United Kingdom earlier this year and will enter Canada in 2011.
The company said it is developing a WD-40 Specialist line, a new portfolio of specialty problem-solving products aimed at the trade and doer enthusiasts. The new line will launch in the United States and the United Kingdom by the end of the fiscal year.