5/14/2014 1:05:00 AM
NEWS BRIEFS
Fastenal Returns To Double-Digit Growth
Fastenal Co. reported sales rose 10% to $315.1 million in April, boosted by steady growth in manufacturing and non-residential construction markets.
Sales to manufacturing customers gained 8.5% in April, while sales to construction customers grew 5.4%.
Overall daily sales increased 10% to $14.3 million.
Fastenal opened no new stores in April. The company has opened nine new stores in 2014, bringing its total store count to 2,683.
In February CEO Will Oberton told the Winona Daily News that his biggest regret about 2013 relates to hiring.
When asked what he would have changed about 2013, Oberton said: “I would have started hiring sooner. We started accelerating our hiring in June. If I would have done that in January, I think the second half of the year would have looked different.”
April’s personnel increases appear to reflect the hiring boon at Fastenal.
Full-time store personnel has increased 16.7% in 2014, bringing the total to 10,303. Selling personnel have increased 15.4% to 11,561. Distribution personnel are up 14.3% since the start of 2014, while manufacturing personnel have grown 12.9% to 640 full-time employees. Overall, total Fastenal personnel have increased 16.2% to 17,858 in 2014.
Fastenal reported fastener sales grew 1.6% in the opening quarter of 2014, driven by 5.3% fastener sales growth in March. The company noted some price deflation in its fastener line during the period.
Overall Q1 Fastenal sales increased 8.7% to $876.5 million, primarily through higher unit sales. First-quarter net earnings up 2.6% to $111.9 million and earnings per share gaining 2.7% to $0.38. ©2014 GlobalFastenerNews.com
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