Fastenal Archives

Multiple wage-hour lawsuits have reared their heads in the past few years. Distributors have been targeted as well. Last year C & S Wholesale Grocers was hit with a class-action; this month, two former Fastenal employees have followed suit, saying they were misclassified as assistant managers and as a result, denied overtime under the Fair Labor Standards Act.

Two former employees filed a lawsuit against The Fastenal Co., Winona, MN, on Oct. 18, 2007, alleging the industrial and construction supplies distributor violated the wage-hour provisions of the Fair Labor Standards Act (FLSA).

Three others have joined the suit, and the law firm representing the employees, Nichols, Kaster and Anderson, is hoping to add what it says in the lawsuit is …

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October 25, 2007

Companies

Fastenal Sales Grow 13% in 2Q

The Fastenal Company, Winona, MN, reported sales of $519.7 million for the second quarter ended June 30, 2007, an increase of 13.3% over sales in the second quarter of 2006. Profit increased from $51.5 million in the second quarter of 2006 to $60.2 million in the second quarter of 2007, an increase of 17%.

Sales for the six-month period ended June 30, 2007, were $1 billion, an increase of 13.3% over the first six months of 2006. Profit increased 15%.

During the first six months of 2007, Fastenal opened 123 new sites (Fastenal opened 132 new sites in the first six months of 2006). The 123 new sites represent an increase in stores since Dec. 31, 2006 of 6.2%. During the second quarter of 2007, Fastenal closed one store. There were 8,089 sales employees as of June 30, …

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July 12, 2007

Building Materials/Construction

Fastenal Sales Grow 13% in 1Q

The Fastenal Company, Winona, MN, sales of $489,157 for the first quarter ended March 31, 2007, an increase of 13.3% over the same period last year. Profit increased 12.9%.
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During the first three months of 2007, Fastenal opened 73 new sites, as it did in the first quarter 2006. There were 2,000 sites as of Dec. 31, 2006.
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Current Initiatives
During the last several years, Fastenal has been pursuing initiatives to improve its operational performance. These include: a new freight model, tactical changes to working capital model, an expanded store model called CSP2, and a ‘master stocking hub’ distribution model.
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The freight model is an effort to haul a higher percentage of products with the Fastenal trucking network and to charge …

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April 12, 2007

Building Materials/Construction

Fastenal Sales Up 18.8% in 2006

The Fastenal Company, Winona, MN, reported sales for the year ended Dec. 31, 2006, were $1.8 billion, an increased of 18.8% over 2005. Profit increased 19.3% to $199,038.

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Sales for the fourth quarter ended Dec. 31, 2006, were $448,729, an increase of 16.8% over the same period last year. Profit increased 16.4% to $45,570.

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In 2006, Fastenal opened 245 new sites, representing an increase in stores of 14%. Fastenal operated 2,000 sites on Dec. 31. Employees grew to 7,174, up 12.2% from 2005.

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Details here.

Related Links:
Fastenal 3Q Sales Up 16.9% …

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January 19, 2007

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