Fastenal sees double-digit gains in second quarter
Second-quarter sales for Winona, Minn.-based Fastenal increased to $804.9 million, up 14.7% from the same quarter in 2011.
Net earnings for the company increased 19.3% to $112.3 million.
“The growth in the first three months of 2012 generally continued the relative strength we saw in 2011 and in most of 2010,” the company stated. However, the rate of daily sales growth slowed in the April to June 2012 time frame.
Though safely in the double digits, the specialty distributor’s growth in the quarter was affected negatively by currency exchange rates. Wall Street had expected slightly higher revenue figures.
The company ended the quarter with 2,635 stores, opening 53 new stores so far this fiscal year.
Fastenal ranked third on the 2012 Pro Dealer Scoreboard.