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July 9, 2020, 4:29 p.m. EDT

WD-40's Q3 sales fall 14%

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By Kimberly Chin

WD-40 Co. posted lower profit in the fiscal third quarter as sales fell 14% due to Covid-19-related disruptions.

The San Diego-based company's net profit was $14.5 million, or $1.06 a share, for the three-month period ended May 31, down from $18.1 million, or $1.30 a share, a year earlier.

Net sales were $98.2 million, down from $114 million a year earlier. The company's European, Middle East, and Asia unit was the hardest hit segment, with sales declining 27% compared with the prior year's third quarter.

"As a global business that operates in 176 countries around the world, each of our locations has been impacted by COVID-19 in different ways," said Chief Executive Garry Ridge.

"In markets with strict movement restrictions in place or less developed e-commerce adoption, our sales were more severely impacted," Mr. Ridge said.

The company reduced costs and expenses in the quarter compared with last year.

Write to Kimberly Chin at kimberly.chin@wsj.com

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