Fastenal's May Daily Sales Growth Remains Soft - Modern Distribution Management

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Fastenal’s May Daily Sales Growth Remains Soft

Daily sales growth is up, yet still soft, following Fastenal's April low.
Fastenal box

Industrial and construction supplies distributor Fastenal’s daily sales are slightly recovering after reaching the smallest year-over-year gain recorded since May 2021.

In its monthly sales report on June 6, Fastenal posted total May 2024 sales of about $658.7 million, up 1.5%. On a daily basis, sales were also up just 1.5%. Sales are growing, yet remain soft, following April’s low 0.7% and a two-month deceleration. In March, daily sales growth was 1.8%, 2.6% in February and 1.6% in January.

Here’s a look at how Fastenal’s year-over-year daily sales growth has fared per month since the start of 2021. Hover over the chart line for the interactive figures.

Source: Fastenal monthly sales reports

Find other key details from Fastenal’s April 2024 sales report below:

Daily Sales by Geography, Year-Over-Year:

  • United States — 83.1% of sales: 1.6% (0.0% in April)
  • Canada/Mexico — 13.9% of sales: +0.3% (+5.7% in April)
  • Rest of World — 3.0% of sales: +4.8% (-3.2 % in April)

Daily Sales by Product Line:

  • Fasteners — 30.8% of sales: -4.1% (-2.2% in April)
  • Safety — 21.8% of sales: +7.8% (+5.1% in April)
  • Other — 47.4% of sales: +3.0% (+1.2% in April)

Daily Sales by Customer End Market: 

  • Heavy manufacturing — 43.2% of sales: +1.5% (+1.9% in April)
  • Other manufacturing — 32.1% of sales: +2.9% (+2.2% in April
  • Non-residential construction — 8.4% of sales: -6.2% (-5.6% in April)
  • Reseller — 5.3% of sales: -6.9% (-3.9% in April)
  • Other — 11% of sales: +8.7% (+1.2% in April)

Daily Sales by Customer Category: 

  • National accounts: +6.0% in May (+4.0% in April)
    • 58% of Top 100 national accounts were growing in May (61.0% in April)
  • 48.8% of in-market locations were growing in April (48.9% in April)
  • Non-national accounts: -5.0% (-4.0% in April)
  • FMI: +6.0% (+6.0% in April)
  • eProcurement: +26.0% (+26.0% in April)

Other Notes

  • Fastenal ended May with a total headcount of 23,619 — up 3.2% year-over-year and slightly down compared with April 2024.

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