Fastenal shows double-digit sales growth
Winona, Minn.-based Fastenal reported third-quarter sales of $802.6 million, up 10.4% from the same quarter last year.
Net earnings for the specialty building products retailer were $109.3 million in the quarter, up 12.9%.
As of Sept. 30, Fastenal operated 2,650 stores, and the company has opened 73 new stores in the first nine months of 2012.
The company also established more vending machines to distribute products through its FAST Solutions industrial vending program, which has 17,013 machines in place. During the first nine months of 2012, the company installed 9,560 new machines, an increase of 128.3% since December 2011.
“We believe industrial vending is the next logical chapter in the Fastenal story. We also believe it has the potential to be transformative to industrial distribution, and that we have a 'first mover' advantage,” according to the company’s press release.