Fastenal Sales & Profit Grow
Fastenal Sales & Profit Grow
Jason Sandefur
Fastenal Co. reported sales rose 22% to $431.7 million during the first quarter of 2006, while net earnings grew 29.2% to $47.85 million despite rising energy prices. Gross margins increased due to the company’s “direct sourcing operations” and its focused effort to haul a higher percentage of products utilizing the Fastenal trucking network while charging freight more consistently in various operating units. The freight initiative helped combat a 30.7% hike in diesel fuel costs during the quarter.
Fastenal opened 73 new stores during the period and had 6,783 sales employees. In 2005 Fastenal opened 222 new stores for a total of 1,755 stores. The company expects to open as many as 316 new locations in 2006. Web: fastenal.com �2006 FastenerNews.com
There are no comments at the moment, do you want to add one?
Write a comment