Fastenal began the new year with a double-digit increase in monthly sales, the Minnesota fastener and industrial supply distributor announced Monday.
The company posted sales of more than $601 million in January, up 11.2% from the $540 million in the first month of 2022. Sales to the manufacturing sector climbed 17% over that span, which offset a 1.7% drop in sales for non-residential construction.
Fastenal said fastener sales were up 11.6% last month year-over-year, while safety supplies grew by 6.2%. All other products saw sales increase by more than 14%. Strong growth in North America — sales jumps of 11.2% in the U.S. and 17.3% in Canada and Mexico — overpowered an 8.5% sales decline in all other regions.
The company said that its employee headcount and brick-and-mortar footprint also increased compared to last January; more than 20,100 full-time personnel worked for the company as of the end of the month.
Fastenal – no. 4 on ID’s latest Big 50 — reported nearly $7 billion in full-year sales, an increase of 16%, for 2022.