STOCKS: Fastenal Earnings Up 30%
STOCKS: Fastenal Earnings Up 30%
John Wolz
Fastenal Company sales for the three-month period ended March 31, 2000, totaled $176,268,000, an increase of 25.3%, and net earnings grew 30% to $20,046,000.
During the quarter Fastenal opened 12 new sites, bringing the total number of stores to 819. There were 3,853 site employees as of March 31, an increase of 5% over December 31, 1999.
Fastenal plans to add 25% more salespeople and 100 stores during 2000.
Fastenal management said strong sales were tempered by the impact of rising fuel costs.
During March Fastenal announced the release of a new Internet / e-commerce site (www.fastenal.com), and the company reported a strong response. �The four weeks since the release has seen a fourfold increase in the number of customers purchasing over the Internet and a threefold increase in the sales volume compared with February 2000.
Winona, MN-based Fastenal also opened a 400,000 sq ft distribution center in Indianapolis. The facility �was purchased at a very competitive price, and the extra space will allow us to explore the possibility of providing logistics services to other firms.�
The manufacturing division began using its expanded Winona plant during the quarter.
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