The 2020 Mid-Year Economic Update_long

Fastenal Sales Rise 8.8% in 1Q

Fastenal vending machines and employee count grow, number of stores declines.

The Fastenal Company, Winona, MN, (Nasdaq: FAST) reported sales for the first quarter of $953.3 million, up 8.8 percent from the first quarter a year ago. Net earnings were $127.6 million, up 14 percent from the same period in 2014.

The number of stores open in the first quarter was down 2.2 percent year-over-year to 2,624. FAST Solutions machines were up 15.2 percent to 48,545 vending machines. Employee count was up 8 percent year-over-year to 19,218.

Sales growth in the first quarter was primarily due to higher unit sales. Growth was impacted by slight inflationary price changes in non-fastener products and some price deflation in fastener products, with the result being a slight drag on growth, according to the earnings news release.

Daily sales for the first quarter grew 8.8 percent from the same period in 2013.

The company also reported sales for March of $341.7 million, a 10.6 percent increase over the same period a year ago. Daily sales increased 5.6 percent to an average of $15.5 million.

During the month, sales to manufacturing customers grew 3.9 percent, while sales to nonresidential construction customers grew 2.7 percent.

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