Latest In Fastenal
Despite just 2.5% sales growth in the third quarter, Fastenal is poised to take market share in industrial distribution, according to one analyst. See what the distributor has working in its favor.
Industrial distributor Fastenal saw its sales mix continue to return to normal in August, and the company again reduced its total workforce, this time by 7.5%, which is part of a larger industry trend toward omnichannel selling.
August has brought some more good news to the U.S. economy in general and distribution in general based on the latest round of data reports showing continued momentum, but the industry has plenty of work yet to complete.
But industrial distributor also sees headcount continue to decline and the number of “selling personnel” is down nearly 10% compared to the same time last year.
The safety category again stole the show for Fastenal Co. during its May sales report with a 136.3% increase, while the companys fastener business has likely hit the bottom during the COVID-19 disruption and could be on the upswing.
A follow-up phone call to the industrial distributors mid-April 1Q report provides detail behind dramatic shifts in growth rate, with EVP and CFO Holden Lewis highlighting how the company is pivoting to meet changing customer demands.