Fastenal Sales Increase 6.4% in 1Q

Daily sales to manufacturing customers grew 15.7% during the quarter.

The Fastenal Company (Nasdaq: FAST), Winona, MN, reported sales for the first quarter ended March 31 were $520.8 million, an increase of 6.4% from first quarter 2009. Profit improved 15.1% to $56.0 million.

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During the first three months of 2010, Fastenal opened 29 new stores, compared to 33 new stores during the same period a year ago. There were 11,962 total employees as of March 31, 2010, a decrease of 0.7% since Dec. 31, 2009.

Daily sales to manufacturing customers – historically about 50% of sales – grew 15.7% in the first quarter of 2010. Non-residential construction customers – historically 20% to 25% of sales – contracted 14.7%.

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