Net sales drop 4% for WD-40
WD-40 Company reported a 4% net sales decrease for the first fiscal quarter ended Nov. 30, largely due to the effects of foreign currency translation.
Total net sales for the first quarter were $89.2 million, though on a constant currency basis, total net sales for the first quarter would have been $95.1 million, an increase of 3% compared to the prior-year fiscal quarter.
Net income for the first quarter was $11.8 million, down 3% year-over-year.
Gross margin percentage rose, however, to 57.2% from 55.6%.
"As a global company that generates nearly 40% of its sales in currencies other than the U.S. dollar, foreign currency exchange headwinds continue to have an impact on our reported results," said Garry Ridge, WD-40 Company's president and chief executive officer.
"Even though the global nature of our business exposes us to some currency risk, our geographically diversified business also acts as a natural hedge which can cushion us from the impact of localized events. At any given time, depending on what is going on in a particular region, some of our markets will over perform while others may underperform. 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 company also reaffirmed its guidance for fiscal year 2017, with net sales growth projected to be between 4 and 6%, with net sales expected to be between $395 million and $404 million.
Meet MiTek’s new CEO
MiTek Industries, Inc. has a new CEO in Mark Thom.
The current CEO, Tom Manenti, will assume the role of Executive Chairman for 2017 and will continue to report to Warren Buffett.
Thom's background in executive leadership and achievement in management and sales includes 16 years leading teams within the former Tyco Healthcare. He eventually rose to the role of president of the Tyco’s Vascular Therapy division in 1998. Soon after Tyco Healthcare acquired Mallinckrodt Medical, Thom was named president of Mallinckrodt’s Diagnostic Imaging business, and he was later named Group President, Tyco Healthcare in early 2003.
In recent years he served as leadership consultant to the MiTek senior leadership team, where he learned the MiTek business and its culture.
He will play a critical role going forward in MiTek's strategic plan to double over the next five years, providing leadership continuity as Manenti retires in January, 2018.
“The naming of Mark to the CEO position addresses one of my key business imperatives – Leadership Development and Succession Planning– a well-developed and widely used road map for MiTek leadership into the future,” said Tom Manenti, Chairman and CEO of MiTek. “More importantly, Mark is simply a top performer, in the very elite class of executives in multiple categories of corporate operations and effective leadership. I was thrilled when Mark accepted the CEO position. It was a banner day for MiTek worldwide!”
Whirlpool’s new kitchen suite finish is fingerprint-proof
Whirlpool's new Fingerprint Resistant Black Stainless Steel Kitchen Suite is a nod to the need for a kitchen that performs well (and looks good doing it).
The matte black finish is designed to create a space that reflects personal taste, hides fingerprints, smudges, and daily wear and easily wipes clean.
The new suite features a refrigerator, range, microwave, and dishwasher.
"Kitchens are one area of the home that allow for self-expression, both through cooking and design," said Ryan Morand, senior brand manager, Whirlpool brand. "The new Fingerprint Resistant Black Stainless Steel Kitchen Suite provides a unique, matte finish to complement nearly any kitchen, while still presenting an appearance that reflects personal style and design."
The finish is a rich metallic black in a soft, brushed, matte finish, allowing for a neutral canvas in the kitchen.