Fastenal Sales & Earnings Grow

Jason Sandefur

Strong sales during the second half of 2003 helped Fastenal Co. report 2003 net sales climbed 9.9% to $994.9 million, while earnings increased 11.4% to $75.5 million. Inventory for the year increased $15.6 million, 78% lower than 2002�s inventory increase of $71.6 million.
Net sales for the fourth quarter of 2003 rose 14.8% to $251.6 million, while net earnings gained 17.8% to $19.9 million.

Fastenal opened 151 stores in 2003, including 45 during Q4. The yearly total represents a 12.9% increase in new stores since December 2002. Currently the company operates 1,314 stores and plans to open up to 200 new stores during 2004. For the year, Fastenal increased its workforce by 1.9% to 4,835 employees. Web: fastenal.com �2004 FastenerNews.com