Fastenal Posts Slower, but Solid November Sales Growth - Modern Distribution Management

Fastenal Posts Slower, but Solid November Sales Growth

Fastenal's daily sales growth this past month was slower than October but still outpaced Baird's projected output.
Fastenal's daily sales growth was slower than its growth in October but still outpaced Baird's projected output for November.

Industrial supplies distributor Fastenal reported its November sales on Dec. 6, showing that demand from manufacturing customers remained strong en route to another solid month of daily sales growth for the distributor.

Minnesota-based Fastenal posted November sales of $577.8 million, up 10.2% year-over-year, with daily sales up by that same amount. It was down from 13.6% daily sales growth in October, but the November mark outpaced the 8.6% forecast by Baird Equity Research’s Industrial Distribution unit.

Although Fastenal maintained solid growth in November, the 10.2% daily sales growth rate was the smallest for the distributor since August 2021 (9%).

Fastenal is No. 7 on MDM’s 2022 Top Industrial Distributors List, No. 5 in MRO and No. 2 in Fasteners.

The company reported that November daily sales to manufacturing customers increased 15.3% year-over-year (19% in October). Meanwhile, nonresidential construction sales declined 0.9% (1.4% growth in October), the first time Fastenal has experienced a decline in the sector since February 2021.

By product line, November daily sales of fasteners increased 8.7% (12.2% in October), safety sales increased 9.6% (14.7% in October), and all other product lines grew a combined 12% (14.1% in October).

By geography, Fastenal’s November daily sales increased 10.5% (14.1% in October), grew 15.3% in Canada/Mexico (15.2% in October), and declined 10.1% in the rest of international (-5.7% in October).

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