7/13/2010
NEWS BRIEFS
Fastenal Ramping Up Store Openings on Strength of First-Half Earnings
Fastenal plans to increase store openings during the latter half of 2010, bolstered by rising sales and profits.
Winona, MN-based Fastenal reported sales from fasteners and other items grew 20% to $571.2 million during the second quarter of 2010, while net earnings jumped 59% to $69.18 million.
Fastenal opened 45 new stores during the first half of 2010, with plans to open an additional 80 to 95 locations by the end of the year.
Daily average sales to manufacturing customers during the second quarter nearly doubled its growth rate to 29.8% sequentially, while Q2 sales to non-residential construction customers improved 0.5% after a 14.7% dip in segment sales the previous quarter.
First-half sales increased 13% to $1.09 billion, boosted by a strong Canadian dollar and contributions from Holo-Krome, which Fastenal acquired in December 2009. Six-month net earnings gained 35.7% to $125.2 million.
“The improvement in the first six months of 2010 continues the trend we saw in the latter half of 2009,” the company stated.
Fastenal grew its workforce by 1.7% during the first six months of 2010 to 12,248 employees. ©2010 GlobalFastenerNews.com
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