The 2020 Mid-Year Economic Update_long

Fastenal Sales Up 5% in 2Q

June sales up 8.6 percent year-over-year.

The Fastenal Company (NASDAQ: FAST), Winona, MN, reported sales for the second quarter of $997.8 million, up 5 percent year-over-year. Profit was $140.4 million, up 7.5 percent.

For the first six months of the year, sales were $2 billion, up 6.8 percent over the same period the previous year. Profit increased 10.5 percent to $268 million.

The number of stores open in the second quarter was down 2.5 percent year-over-year to 2,616. FAST Solutions machines were up 15.7 percent to 50,620 vending machines. Employee count was up 7.7 percent to 19,527 and daily sales for the second quarter grew 5 percent.

Sales growth in the second quarter was primarily due to higher unit sales. Sales were impacted by minimal price changes in non-fastener products and some price deflation in fastener products, but the net impact was a drag on growth. Growth was not meaningfully impacted by the introduction of new products or services, except for FAST Solutions industrial vending which has stimulated faster growth with a subset of customers.

Fastenal also reported sales for June of $349 million, an 8.6 percent increase over the same period a year ago. Daily sales increased 3.7 percent to an average of $15.9 million.

During the month, sales to manufacturing customers grew 2.6 percent, while sales to nonresidential construction customers grew 0.4 percent.

Store count was 2,616 in June, compared to 2,684 a year ago. Employee headcount increased 7.7 percent year-over-year to 19,527.

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