Fastenal net earnings up in Q2
Fastenal, the chain of industrial and construction supply stores, saw net earnings rise 17 percent to $60.3 million from $51.5 million in last year’s second quarter.
Net sales totaled $519.7 million, an increase of 13.3 percent over $458.8 million last year.
The company reiterated its intention to focus less on growing stores, which it called the “primary growth driver” in previous years, and more on adding outside sales personnel into existing stores.
Additionally, Fastenal said rising fuel costs in the second quarter partially cut into profit.
Winona, Minn.-based Fastenal owns and operates 2,000 stores in 50 states.