The 2020 Mid-Year Economic Update_long

Fastenal Sales Up 3.6% in 2015

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

The Fastenal Co., Winona, MN, (Nasdaq: FAST) reported sales for 2015 increased 3.6 percent to $3.9 billion. Profit rose 4.5 percent to $516.4 million.

The number of stores open in 2015 was down 0.6 percent to 2,622. FAST Solutions machines were up 18.5 percent to 55,510 vending machines. And employee count was up 12.6 percent to 20,746.

Citing contraction from existing customers, the company said its fastener product line has seen its daily growth decrease from about 10 percent growth in the last six months of 2014 to about 6 percent contraction in the fourth quarter of 2015.

Fastenal's non-fastener product line has seen daily sales growth decrease from about 18 percent growth in the last six months of 2014 to about 1 percent growth in the fourth quarter of 2015.

In the fourth quarter, sales were down 0.4 percent from the prior-year period to $922.8 million. Profit in the fourth quarter declined 5.5 percent to $111.9 million.

Fastenal reported sales for December of $286.6 million, a 1.1 percent increase year-over-year. Daily sales decreased 3.8 percent to an average of $13.7 million. During the month, sales to manufacturing customers fell 4.3 percent, while sales to nonresidential construction customers fell 8.4 percent.

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