Fastenal on Friday reported an increase in its August sales on the strength of its performance among manufacturing customers.
Although the Minnesota-based distributor’s total August sales were off by 2.3%, the decline stemmed from one fewer selling day last month compared to 2023; on a daily average basis, sales increased 2.1%.
Sales jumped at the highest rate in the company’s “other manufacturing” end market — at 6.6% year-over-year — while the heavy manufacturing segment saw sales climb by 2.3% compared to August of 2023. Sales in non-residential construction and in the reseller market slipped by 6.4% and 12.5%, respectively.
Sales of the company’s fasteners were off by 2.2% last month, but that represented an improvement from July’s decline. The company noted in its latest quarterly earnings report that price declines and a sluggish industrial environment had affected its fastener sales numbers.
Safety product sales, meanwhile, were up by 7.5% last month, and all other categories rose by 1.6%.
Fastenal also said that its workforce has grown by 3.2% compared to last summer, and that its “eBusiness” operations saw a 27% increase in sales on a daily average basis.
The company came in at no. 5 on ID’s most recent Big 50.
