8/6/2015 12:49:00 AM
NEWS BRIEFS
Fastenal Co. Reports Sales Gains in July
Fastenal Co. reported sales in July rose 3.2% to $334 million, with daily sales up 3.2% to $15.2 million.
Sales to manufacturing customers increased 3.4% during the month, while sales to non-residential construction customers declined 2.4%.
In the first seven months of 2015 Fastenal has opened 10 new stores, compared to 17 during the first seven months of 2014. At the end of July its total store count was 2,618.
Fastenal’s overall workforce increased 8.1% to 19,625, including a 4.1% gain in store personnel to 11,325; a 6.5% increased in distribution personnel to 2,332; and a 7.5% increase in administrative personnel to 1,013.
During the second quarter of 2015 Fastenal fastener revenue – which represents about 40% of the company’s overall business – was flat.
“Our fastener product line has seen its daily growth decrease from about 10% in the last six months of 2014 to flat in the second quarter of 2015,” Fastenal stated in its earnings release.
First-quarter fastener sales achieved 5.5% growth.
In July newly minted CEO Leland Hein relinquished the top job to his predecessor, board chairman Will Oberton, who resumed his duties as president and CEO on July 20, according to SEC documents.
Oberton, 57, first became CEO in December 2002, when he succeeded company founder Bob Kierlin, until December 2014. He also served as Fastenal president from July 2001 to July 2012.
He resigned as CEO in December 2014.
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