WD-40 reported financial results for its fourth quarter ended August 31, 2021.
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Total net sales for the fourth quarter were $115.2 million, an increase of 3 percent compared to the prior year fiscal quarter.
For the full fiscal year, total net sales were $488.1 million, an increase of 19 percent compared to the prior fiscal year.
Translation of the Company's foreign subsidiary results to U.S. dollars had a favorable impact on sales for the current quarter and full fiscal year. On a constant currency basis, total net sales would have been $108.8 million for the fourth quarter and $468.4 million for the full fiscal year.
Net income for the fourth quarter was $8.4 million, a decrease of 57 percent compared to the prior year fiscal quarter. For the full fiscal year, net income was $70.2 million, an increase of 16 percent from the prior fiscal year. On a constant currency basis, total net income would have been $7.7 million for the fourth quarter and $66.5 million for the full fiscal year.
Diluted earnings per share were $0.61 in the fourth quarter, compared to $1.42 per share for the prior year fiscal quarter. For the full fiscal year, diluted earnings per share were $5.09 compared to $4.40 in the prior fiscal year.
Gross margin was 51.2 percent in the fourth quarter compared to 56.3 percent in the prior year fiscal quarter. For the full fiscal year, gross margin was 54.0 percent compared to 54.6 percent in the prior fiscal year.
Selling, general and administrative expenses were up 14 percent in the fourth quarter to $35.9 million when compared to the prior year fiscal quarter. Selling, general and administrative expenses for the full fiscal year were up 19 percent to $145.5 million compared to the prior fiscal year.
Advertising and sales promotion expenses were up 61 percent in the fourth quarter to $10.3 million when compared to the prior year fiscal quarter. Advertising and sales promotion expenses for the full fiscal year were up 29 percent to $28.0 million compared to the prior fiscal year. ■