WDFC - Is WD-40 Throwing in the Towel on Household and Cleaning Products? 4 Things Investors Should Know.
2023-07-26 09:30:00 ET
The pandemic upended business as usual across the world, with some companies being hurt and others benefiting. In the case of WD-40 (NASDAQ: WDFC) , which is best known for its namesake lubricant/water displacer, its collection of household and cleaning products were in high demand during the early days of the global health scare.
But now that things are getting back to normal, management is stepping back and reexamining its overall business. Here's why the household and cleaning division might get the boot.
In the first nine months of fiscal 2021, WD-40's household and cleaning products sales totaled roughly $28.4 million. Through the first nine months of fiscal 2023, that figure had dropped to $25.1 million. So in just two years, revenue in this business line fell nearly 12% as COVID-related demand abated. That's clearly not a great trend.
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Is WD-40 Throwing in the Towel on Household and Cleaning Products? 4 Things Investors Should Know.