The Fastenal Company (NASDAQ: FAST), Winona, MN, reported sales for the second quarter of $949.9 million, up 12.1 percent year-over-year. Profit was $130.5 million, up 7.9 percent.
For the first six months of the year, sales were $1.8 billion, up 10.4 percent over the same period the previous year. Profit increased 5.4 percent to $242.4 million.
The number of stores open in the second quarter was down 0.1 percent year-over-year to 2,684. FAST Solutions machines were up 7.3 percent to 43,761 vending machines. Employee count was up 5 percent to 18,135.
Sales growth in the second quarter was primarily due to higher unit sales, which resulted primarily from increases in sales at older store locations. 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.
FAST Solutions, the distributor’s industrial vending initiative, continues to stimulate faster growth with some of Fastenal’s customers.
Daily sales for the second quarter grew 12.1 percent from the same period in 2013.
