Fastenal sales rise 4.9 percent
Fastenal reported first quarter sales of $806.3 million, a 4.9% increase from $768.9 million in the same quarter last year.
Daily sales during the period increased by 6.5% to $12.8 million.
Net earnings increased 8.8% to $109 million, or 37 cents per share, compared to $100.2 million, or 34 cents, in the same period last year.
The company said it installed 4,352 new FAST Solutions vending machines in the first quarter, an increase of 20.6% since December 2012, bringing the total in operation to 25,447. Fastenal also opened 11 new stores in the quarter, an increase of 0.4% since December 2012.
"We intend to continue our aggressive push with FAST Solutions (industrial vending) and, to this end, established an internal goal to sign 30,000 machines in 2013, or 2,500 per month rather than per quarter. This is an aggressive goal, but we believe we can hit this run rate during 2013," the company said in a statement accompanying its earnings results.
The company plans to install a new 'highly automated' distribution facility adjacent to its existing Indianapolis facility for replenishing industrial vending machines."We see these changes as enhancing our fill rates and as freeing up time at the store, both of which help drive sales growth," the company said.
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
