Fastenal Sales Up 6% in First Month of the Year

The company said rough weather hindered the company’s daily selling average.

I Stock 1090914786 Michael Jones

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.

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