The Fastenal Company (NASDAQ: FAST), Winona, MN, reported sales for the first quarter of $876.5 million, up 8.7 percent from the previous year. Net earnings were $111.9 million, up 2.6 percent from the same period in 2013.
The number of stores open in the first quarter were up 0.9 percent year-over-year to 2,683. FAST Solutions machines were up 31.7 percent to 42,153 vending machines. Employee count was up 16 percent year-over-year to 17,788.
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.
FAST Solutions, the distributor’s industrial vending initiative, continues to stimulate faster growth with some of Fastenal’s customers.
Daily sales for the first quarter grew 8.7 percent from the same period in 2013.