Fastenal's February Sales Jump 21% on Broad-Based Growth

While safety sales were resurgent across January and February, sales of core product lines have likewise accelerated.

Mar 4, 2022

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Fastenal reported its February sales results on March 4, with the results showing a continued big start to the year for the distributor as resurgent safety sales buoyed considerably accelerating sales of the company's core product lines.

The Winona, MN-based company — No. 4 on Industrial Distribution's 2021 Big 50 List — posted total February sales of $531 million, up 21.3 percent year-over-year, with daily sales up by that same amount. Total sales trailed January's $540.5 million, in which daily sales grew 14.9 percent.

By product line in February:

Daily sales of fasteners grew 28.0% year-over-year, accelerating from January's 20.9% growth.
After spiking throughout 2020 and then falling throughout 2021, daily sales of safety products jumped 18.8% in February, following 12.9% growth in January.
Daily sales of all other products grew 17.3% in February, accelerating from January's 11.0% growth.

By end market in February:

Daily sales to manufacturing customers grew 25.8% year-over-year, up from 20.8% growth in January.
Daily sales to non-residential construction customers grew 19.5% year-over-year, up from January's 12.9% growth.

By geography in February

Daily sales in the United States grew 22.0% year-over-year, up from January's 14.9% growth.
Daily sales in Canada/Mexico grew 20.6% year-over-year, up from January's 14.6% growth.
Daily sales to the rest of international grew 7.9% year-over-year, decelerating from January's 15.8% growth.

By customer/channel type in February

Daily sales in national accounts grew 26.0% year-over-year, outpacing January's 19.0% growth.
Daily sales in non-national accounts grew 16.0% year-over-year, outpacing January's 10.0% growth.
89.0% of Fastenal's top 100 national accounts grew in January, following 85.0% in January.
76.9% of Fastenal's public branches grew in January, topping January's 73.4%.

Headcount

Fastenal ended February with a total headcount of 20,961, up 1.1% from the end of January and up 1.9% year-over-year.
Fastenal ended February 13,683 total selling personnel, up 0.6% from January and up 3.0% year-over-year.