Fastenal Raises Prices, Opens New Stores

Jason Sandefur

Boosted by the opening of 49 new stores, Fastenal Co. reported net sales rose 21% to $284.2 million, while earnings increased 48% to $28.1 million. At the end of Q1, Fastenal operated 1,363 stores, with plans to open as many as 200 new stores in 2004. During the quarter, the company increased its workforce by 3.7% to 5,014 employees.

Rising steel costs have forced Fastenal to increase prices of its steel products, including fasteners, resulting in 2% in additional sales dollars during the quarter. Q1 gross profit margins rose to 50.3%, up from 49.5% during Q1 of 2003. Web: fastenal.com �2004 FastenerNews.com