By Kimberly Chin
WD-40 Co. posted lower profit in the fiscal second quarter as overall sales fell due to a 31% sales decline from its Asia-Pacific segment.
The water-displacement spray company said net profit fell to $14.3 million for the three-month period ended Feb. 29, or $1.04 a share, from $15.9 million, or $1.14 a share, a year earlier.
Net sales fell to $100 million from $101.3 million a year earlier. The decline was driven by falling sales in its Asia-Pacific segment, mainly from a steep drop in maintenance products sales in China due to disruptions from the Covid-19 outbreak.
WD-40 has withdrawn its fiscal 2020 outlook.
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