Fastenal Sales Drop 19% in 2009

10/13/2009
NEWS BRIEFS
Fastenal Sales Drop 19% in 2009

Fastenal reported sales for the first nine months of 2009 dropped 19% to $1.45 billion, while net earnings fell 35% to $139.8 million. The Winona, MN-based company has cut 11% of its workforce to 12,076 employees during 2009.

Third quarter sales slipped 21.7% to $489.3 million, while net earnings declined 34% to $47.6 million.

“The weakened economy continues to have a substantial impact on our business,” the company stated.

Sales to manufacturing customers dropped 23% during Q3, especially among OEMs, while non-residential construction customer sales fell 25%.

During the first nine months of 2009, Fastenal opened 45 new stores, compared to the 140 new stores it opened during the first three quarter of 2008.

Fastenal recently unveiled a new 10-story, 88,000 sq ft distribution facility in Indianapolis – reportedly the largest of its 14 regional locations. ©2009 GlobalFastenerNews.com

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