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Fastenal Sales Up 20% in 2Q

The Fastenal Company (Nasdaq: FAST), Winona, MN, reported second-quarter sales of $571.2 million, an increase of 20.3 percent over the same period a year ago. Profit improved 58.9 percent to $69.2 million. Fastenal was No. 9 on the list of top 40 industrial distributors.

For the first six months of 2010, sales were $1.09 billion, up 13.2 percent over second quarter 2009. Profit increased 35.7 percent to $125.2 million.

During the first six months of 2010, Fastenal opened 45 new stores (Fastenal opened 42 new stores in the same period of 2009). The 45 new stores represent an increase of 1.9 percent since Dec. 31, 2009, when the company had 2,369 stores. As of June 30, Fastenal had 12,248 employees, an increase of 1.7 percent from year-end.

Daily sales to customer in manufacturing – historically about 50 percent of sales – grew 15.7 percent and 29.8 percent during the first and second quarters of 2010, respectively. In 2009, daily sales to this sector contracted 18.8 percent, primarily in the industrial production business.

Non-residential construction customers – historically 20 percent to 25 percent of business – daily sales contracted 14.7 percent in the first quarter of 2010 and grew 0.5 percent in the second quarter of 2010. Total sales contraction for 2009 was 19.4%.

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