Fastenal on Tuesday reported nearly $640 million in sales during January, an increase of more than 6% compared to the first month of 2023.
The overall number benefitted from an additional business day last month; on a daily average basis, the Minnesota fastener and industrial supply distributor said sales were up 1.6% year-over-year.
Currency fluctuations, unlike last January, had no material impact on the latest monthly total. Weather, however, dented sales last month by an estimated 1.2% to 1.5%.
Fastenal reported continued declines in fastener sales and in its construction segment, which were overcome by increases in other categories. Fastener sales fell by 6% on a daily average basis, while safety supplies grew by nearly 10%. The company’s manufacturing markets edged up to offset an 8.6% drop in non-residential construction.
Sales in the U.S. — which accounted for more than 80% of Fastenal’s overall sales — rose by 0.7%; revenue jumped by 4.8% in Canada and Mexico and by nearly 13% in all other international markets.
The company said a majority of its major national accounts saw growth last month, while its “e-procurement” operations climbed by 23%. Fastenal’s employee headcount of more than 22,500 at the end of January represented a 3.6% increase over the same point last year.
Fastenal — no. 5 on ID’s latest Big 50 — last month reported $7.3 billion in sales for 2023, an increase of more than 5% compared to 2022.
