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Fastenal Co. (Nasdaq: FAST), Winona, MN, reported sales of $1.27 billion for its fiscal second quarter ended June 30, 2018, a 13 percent increase compared with same period a year ago. Quarterly profit was $211.2 million, a 42 percent increase compared to the year-ago period.
Fastenal said the sales increase was driven by strong demand for its products as well as its vending and onsite location services. Higher pricing to mitigate inflation in the fourth quarter also influenced growth, though to a lesser extent, the company said. Fastener products represented 35 percent of sales in the second quarter of 2018, and daily sales of fastener products grew 11 percent. Sales of non-fastener products represented 65 percent of sales in the second quarter of 2018 and grew nearly 15 percent on a daily basis, the company said.
Sales for the first six months of Fastenal’s fiscal 2018 were $2.45 billion, a 13 percent increase compared with the first six months of 2017.