The Fastenal Co. (NASDAQ: FAST), Winona, MN, reported sales for the third quarter of $1 billion, up 1.8 percent year-over-year. Profit was $126.9 million, down 7 percent.
For the first nine months of the year, sales were $3 billion, up 2.3 percent over the same period the previous year. Profit decreased 4.9 percent to $384.7 million.
The number of stores open in the third quarter was down 2.5 percent year-over-year to 2,545. FAST Solutions machines were up 12.8 percent to 60,400 vending machines. Employee count was down 0.6 percent to 19,864.
Sales growth was primarily due to higher unit sales, which resulted primarily from increases in sales at existing store locations and to a lesser degree the opening of new store locations in the last several years. Net sales were also impacted by some price deflation in fastener products, which was a drag on growth.
Fastenal also reported sales for September of $338.3 million, a 2.8 percent increase over the same period a year ago. Daily sales increased 2.8 percent to an average of $16.1 million.
During the month, sales to manufacturing customers increased 2.3 percent, while sales to nonresidential construction customers fell 2.1 percent.
Store count was 2,545 in September, compared to 2,609 a year ago. Employee headcount decreased 0.6 percent year-over-year to 19,864.
