Fastenal posted sales increases in the first two months of the year after disclosing its February sales totals on Wednesday.
The Minnesota fastener and industrial product distributor — no. 5 on ID’s latest Big 50 — reported $627 million in net sales last month, up 7.7% compared to the same month last year. Although the overall number benefitted from a leap year — which featured one additional selling day during the month — sales were also up by 2.6% on a daily average basis.
Last month also saw a more modest decline in the non-residential construction segment. Fastenal's daily sales to those customers had fallen by 8.6% in January but slid by 3.4% in February. Sales to heavy manufacturing and “other” manufacturing customers rose by 3.1% and 3.6%, respectively, year-over-year.
Sales of the company’s fasteners fell by 3.5% on a daily average basis in February compared to the same month in 2023, while safety product sales jumped by 8.3% over that span. All other products climbed by 4.8%. Average sales through the company’s “eProcurement” channels rose by 31%.
Fastenal said its workforce as of the end of the month — 23,602 in total personnel — was up nearly 4% over the same point last year.
