Fastenal July Sales Up 12.5%

Screenshot 2022 08 04 1 28 27 Pm

Fastener and industrial supplies distributor Fastenal reported another increase in sales on the heels of a strong second quarter.

The Winona, Minnesota-based company said its sales totaled $553 million in July, a 12.5% increase compared to July 2021 despite one fewer business day this year. The daily sales pace of $27.6 million was up more than 18% over that span.

The company’s daily fastener sales jumped nearly 20% in the month — slightly off the pace of growth last July — while safety products increased 13.6% to reverse a decline in the previous July. Sales of all other products rose nearly 19%.

Sales to manufacturing customers on a daily basis also increased more than 22% — roughly the same growth as July 2021 — while growth in non-residential construction slipped from 9.5% in July 2021 to 8.8%.

U.S. sales increased 17.8% last month; Canada and Mexico saw 23.3% growth and the rest of the world increased 11.1%.

Fastenal said currency fluctuations had a 0.6% impact last month.

More in Earnings