Sales squeak down 2% at WD-40 Co.
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.
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Readers Respond: A 20% down payment debate
The National Association of Home Builders is among the industry groups lining up against a planned 20% down payment rule for qualified residential mortgages. Here’s what we heard from readers.
"I believe a 20% down payment would end up making a much healthier housing industry in the long run."
— Tim Stine
"This will have a negative impact on absorbing the extra houses on the market from foreclosures. It would seem to me that a smaller down payment with better due diligence by the lender in verifying income and real credit history from willing buyers would be a better way to go."
— Ira Swartz
“I’m certain the NAHB would prefer 0% down payment — but we’ve been through that scenario and we are still trying to crawl out from under it! A 15% to 25% down payment is not unreasonable if you’re the one financing the balance of a mortgage.”
— Paul Siegel
"I think that if due diligence had been followed in the past and we hadn’t loaned money to people who didn’t even have jobs, then the housing market wouldn’t have crashed in the first place. By doing what we did, we over-inflated the value of homes by creating a false demand. Just check to ensure borrowers are in fact credit worthy."
— Vicki Worley
"Twenty percent is too much. Ten percent for well-qualified borrowers would be appropriate. For people with sketchy credit, 20% would be OK."
At this point anything done
At this point anything done drastic will have negative effects. Obviously we all need the housing market to heal and be strong. I also feel that first time home buyers need a way to start, and setting a 20% equity qualification will delay if not eliminate the opportunity for many to buy a home. I think diligent credit checks will do this, banks for years lent money on a person’s credit and ability to pay; it was only when Government placed emphasis on everyone owning a home that things went wrong. Not everyone is meant to own a home; it is truly and should be an example of a person’s responsible discipline. Rob Latham Tri-State Forest Products, Inc.
Bed Bath & Beyond sees strong growth
Bed Bath & Beyond reported net earnings of $283.5 million in the fourth quarter ended Feb. 26, up 25.4% from $226.0 million in the same quarter last year.
Comparable-store sales in the quarter increased 8.5%, as total sales increased 11.6% to $2.505 billion.
For the full year, the company reported net earnings of $791.3 million, up from $600.0 million a year ago. Net sales for fiscal 2010 were $8.759 billion, an increase of 11.9% from $7.829 billion in the prior fiscal year. Comparable-store sales for fiscal 2010 were up 7.8%.
As of Feb. 26, 2011, the Union, N.J.-based company had a total of 1,139 stores, including 982 Bed Bath & Beyond stores.
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