Fastenal Sees Double-Digit Growth
Fastenal Sees Double-Digit Growth
Jason Sandefur
The Fastenal Co. reported sales for 2007 increased 14% to $2.06 billion, while net earnings improved 16.9% $232.6 million.
Fastenal opened 161 new stores during the year, down from the 245 stores it opened in 2006. The company has 2,161 stores in operation, and reported 12,013 employees on its payroll at the end of 2007. Fastenal’s workforce grew by 15% during the year.
Total vehicle fuel costs rose from $1.9 million in the final quarter of 2006 to $2.7 million at the end of 2007.
Sales during the fourth quarter climbed 15.7% to $519.2 million, with net earnings growing 23.3% to $56.2 million.
During 2007 Fastenal announced a shift in its growth strategy, moving from double-digit growth in new store openings to adding more outside salespeople at existing locations. Web: fastenal.com �2008 FastenerNews.com
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