The 2020 Mid-Year Economic Update_long

Fastenal Sales Up 14.3% in 3Q

Year-to-date sales up 11.7 percent.

The Fastenal Company (NASDAQ: FAST), Winona, MN, reported sales for the third quarter of $980.8 million, up 14.3 percent year-over-year. Profit was $133.3 million, up 11.7 percent.

For the first nine months of the year, sales were $2.8 billion, up 11.7 percent over the same period the previous year. Profit increased 7.5 percent to $375.8 million.

The number of stores open in the third quarter was down 1.5 percent year-over-year to 2,647. FAST Solutions machines were up 16.4 percent to 45,596 vending machines. Employee count was up 11.5 percent to 18,425.

Sales growth in the third quarter was again primarily due to higher unit sales. The company said net sales were impacted by slight inflationary price changes in non-fastener products and some price deflation in fastener products, but the net impact was a drag on growth.

Growth in net sales was not significantly impacted by the introduction of new products or services, with one exception – the company's FAST Solutions industrial vending initiative that continued to stimulate faster growth among a number of customers.

Daily sales for the third quarter grew 14.3 percent from the same period in 2013.

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