Fastenal sales up 8.7 percent
Fastenal reported sales of $876.5 million for the first quarter, 8.7% higher than the $806.3 million reported in the same period last year.
Net earnings increased by 2.6% to $111.9 million, or 38 cents per share, compared to $109 million, or 37 cents, in last year's first quarter.
The increase in net sales in the first three months of 2014 came primarily from higher unit sales. Growth in net sales was impacted by slight inflationary price changes in non-fastener products and some price deflation in fastener products.
At the end of the quarter, Fastenal had 2,683 store locations, slightly down from the 2,687 stores reported at the end of 2013, but .9% higher than the same period last year. Employee headcount of 11,775 was 16.5% higher than last year.
March sales up by 11.6%
In a separate announcement, Fastenal reported that its sales in March were $308.8 million, 11.6% higher than March 2013. Sales to manufacturing customers increased by 5.6%, while sales to non-residential construction customers were up by 1.9%.
Daily sales for the month averaged $13.32 million, compared to $12.49 million last year.
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
