Fastenal August Sales Growth Stays Flat at 3.6% - Modern Distribution Management

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Fastenal August Sales Growth Stays Flat at 3.6%

Fastenal reported its August 2023 sales information, which showed net and daily sales were up 3.6% compared with the same period in 2022.
Fastenal box

Following a deceleration in sales growth to start the second half of 2023, Winona, Minnesota-based industrial and construction supplies distributor Fastenal again saw flat growth during the month of August, the company said.

On Sept. 7, Fastenal reported its August 2023 sales information, which showed net and daily sales were up 3.6% compared with the same period in 2022. The sales growth number was nearly identical to the one reported for July, 3.7%. In July, the company reported that its 2Q 2023 sales were up 5.9% year-over-year.

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For August 2023, net sales totaled more than $668 million, while daily sales came in at more than $29 million (over 23 business days). Daily sales of fasteners increased 1.3% compared with July.

The company ended August with a total personnel count of 22,796, a 4.3% increase over the same month last year.

Other notes from Fastenal’s July 2023 sales report (figures compared to July 2022):

By geography:

  • Daily sales in the U.S. grew 3.2% year-over-year
  • Daily sales in Canada & Mexico grew 9.0%
  • Daily sales to the rest of international decreased 4.7%

By end market:

  • Daily sales to manufacturing customers grew 8.6%
  • Daily sales to nonresidential construction customers decreased 6.2%

By product line:

  • Daily sales of fasteners decreased 3.8%
  • Daily sales of safety products grew 9.5%
  • Daily sales of all other products grew 6.9%

By customer/channel type:

  • Daily sales to national accounts grew 8.0% year-over-year
  • Daily sales to non-national accounts decreased 3.0%
  • 63.0% of Fastenal’s national accounts grew sales year-over-year
  • 51.4% of Fastenal’s in-market locations growing

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