Fastenal’s July Indicates Strong Start to Q3 for Industrial Suppliers

A month-to-month acceleration in daily sales bodes well for fellow industrial distributors large and small.
Fastenal February 2022 sales

Fastenal reported its July sales information on Aug. 4, and as one of the nation’s top industrial distributors, the future bodes well for the industrial supplies market amid all of the discussion of economic headwinds.

Fastenal — which uniquely reports its sales information each month — posted July total sales of $553 million. That’s up 12.5% year-over-year and up 18.1% on a daily sales basis, as June had one additional selling day. That daily sales figure is an acceleration from June’s 16.0% and May’s 17.6%, showing that the Winona, Minnesota-based distributor continues to see strong demand heading into the second month of 2022’s third quarter.

Keep in mind, however, that Fastenal’s monthly reports don’t note the impact of pricing, which undoubtedly plays a part in those year-over-year sales gains; but the month-to-month acceleration is a good sign nonetheless for an industrial sector keeping a close eye on how an expected economic slowdown will impact industrial demand.

By geography, Fastenal’s July daily sales increased 17.8% year-over-year in the U.S. (16.7% in June); increased 23.3% in Canada/Mexico (16.7% in June); and increased 9.1% in the rest of international (-1.2% in June).

By customer end market, Fastenal’s July daily sales jumped 22.4% year-over-year to Manufacturing (21.0% in June) and increased 8.8% to Non-residential Construction (8.3% in June).

By product line, Fastenal’s July daily sales of Fasteners increased 19.8% year-over-year (18.1% in June); Safety increased 13.6% (9.5% in June); and all other products increased 18.9% (16.8% in June).

By customer/channel type, Fastenal’s national accounts saw July daily sales grow 23.0% year-over-year (21.0% in June), while non-national accounts grew 12.0% (10.0% in June). Fastenal said 85.0% of its top 100 national accounts grew daily sales in July (82.0% in June); while 72.3% of the company’s public branches grew daily sales (72.1% in June).

Fastenal ended July with a total company headcount of 21,803, up 0.8% from June and up 7.3% year-over-year. The company’s total full-time selling personnel headcount ended July at 14,391, up 0.4% from June and up 7.5% year-over-year.

Related Posts

About the Author
Recommended Reading
Leave a Reply

Leave a Comment

Sign Up for the MDM Update Newsletter

The MDM update newsletter is your best source for news and trends in the wholesale distribution industry.

2

articles left

Want more Premium content from MDM?

Subscribe today and get:

  • New issues twice each month
  • Unlimited access to mdm.com, including 10+ years of archived data
  • Current trends analysis, market data and economic updates
  • Discounts on select store products and events

Subscribe to continue reading

MDM Premium Subscribers get:

  • Unlimited access to MDM.com
  • 1 year digital subscription, with new issues twice a month
  • Trends analysis, market data and quarterly economic updates
  • Deals on select store products and events

1

article
left

You have one free article remaining

Subscribe to MDM Premium to get unlimited access. Your subscription includes:

  • Two new issues a month
  • Access to 10+ years of archived data on mdm.com
  • Quarterly economic updates, trends analysis and market data
  • Store and event discounts

To continue reading, you must be an MDM Premium subscriber.

Join other distribution executives who use MDM Premium to optimize their business. Our insights and analysis help you enter the right new markets, turbocharge your sales and marketing efforts, identify business partners that help you scale, and stay ahead of your competitors.

Register for full access