Fastenal Sales & Workforce Grow
Fastenal Sales & Workforce Grow
Jason Sandefur
The Fastenal Co. reported sales gained 13.5% to $533.75 million during the third quarter of 2007, while net earnings increased 14.9% to $62.1 million.
Sales for the first nine months of 2007 rose 13.4% to $1.54 billion, with net income growing 15% to $176.4 million.
Fastenal increased its workforce 14.4% to 11,916 employees during the first nine months of 2007. The company also opened 147 new stores during the period, down from the 201 stores it opened in the first nine months of 2006.
Fastenal has revised its business model by opening fewer newer stores while adding outside sales personnel to existing locations. The strategy shift aims to boost average monthly store sales more than 60% to $130,000 by 2012. Web: fastenal.com �2007 FastenerNews.com
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