March sales increased 12.4% over the same month a year ago as the company saw fastener sales continue to rebound, growing 14% in the month.
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Fastenal’s reported daily sales for the month also were up 1.5% versus a year as its sales mix continues to return to normal.
Fastenal’s reported daily sales for the month were down 9.1% versus a year due to softness in fastener sales and the non-residential construction end market.
On January’s fourth-quarter earnings call, Fastenal CEO Dan Florness and CFO Holden Lewis pulled back the curtain on how they view the company’s diminishing role of physical branches.
For the full year of 2020, Fastenal’s sales increased 5.9% over the previous year driven by nine strong months of safety and PPE sales to offset softer fastener business.
Fastenal’s reported daily sales for the month were also up 6.8% versus a year ago — again based on strength in safety (35.9% growth) and despite a 1.7% dip in fastener sales.
Despite the dip in overall sales for Fastenal, the company reported daily sales were up 4.1% versus a year ago based on strength in safety (32% growth).
Strategic activity from leading distributors like Ferguson, Grainger and Fastenal led to the most-read blogs of October 2020.
Despite just 2.5% sales growth in the third quarter, Fastenal is poised to take market share in industrial distribution, according to one analyst. See what the distributor has working in its favor.
September sales increased 7.3% over the same month a year ago as the company's safety and PPE sales continued to bolster company during pandemic, although they moderated.
Industrial distributor Fastenal saw its sales mix continue to return to normal in August, and the company again reduced its total workforce, this time by 7.5%, which is part of a larger industry trend toward omnichannel selling.
Despite the dip in overall sales for Fastenal, the company reported daily sales were up 2.5% versus a year ago based on strength in safety (35.1% growth).
August has brought some more good news to the U.S. economy in general and distribution in general based on the latest round of data reports showing continued momentum, but the industry has plenty of work yet to complete.
But industrial distributor also sees headcount continue to decline and the number of “selling personnel” is down nearly 10% compared to the same time last year.
The company reported daily sales also up 2.6% versus a year ago based on strength in safety (38% growth).
Bloggers answer distributor questions on how to manage COVID-19-induced business changes.
The safety category again stole the show for Fastenal Co. during its May sales report with a 136.3% increase, while the companys fastener business has likely hit the bottom during the COVID-19 disruption and could be on the upswing.
The company reported daily sales up 14.8% versus a year ago based on strength in safety.
A follow-up phone call to the industrial distributors mid-April 1Q report provides detail behind dramatic shifts in growth rate, with EVP and CFO Holden Lewis highlighting how the company is pivoting to meet changing customer demands.
