The growth was below Fastenal’s benchmark 3.1% rate that the company provided in its 3Q earnings presentation.
Winona, Minnesota-based industrial and construction supplies distributor Fastenal again saw slowed sales growth during the month of October, according to its monthly financials report.
Daily sales growth was 1.9%, a slowdown compared with 5.0% growth in September and 3.6% in August, and significantly down from 13.6% during October 2022. Daily sales for October 2023 were $29.3 million (over 22 business days), while net sales for the month were $644.6 million.
Fastenal ended the month with 14,845 personnel, a 2.9% increase over the same period a year ago.
Other notes from Fastenal’s October 2023 sales report (figures compared to October 2022):
By geography:
- Daily sales in the U.S. grew 1% year-over-year, compared with 14.1% in October 2022.
- Daily sales in Canada & Mexico grew 8.2%, compared with 15.2% a year ago.
- Daily sales to the rest of the world increased 0.4%, compared with a 5.7% decrease in October 2022.
By end market:
- Daily sales to manufacturing customers grew 5.6%, compared with 21.9% a year ago.
- Daily sales to nonresidential construction customers decreased 8.8%.
By product line:
- Daily sales of fasteners decreased 2.6%, compared to 12.2% growth a year ago.
- Daily sales of safety products grew 6.4%.
- Daily sales of all other products grew 3.3%.
By customer/channel type:
- Daily sales to national accounts grew 6.0% year-over-year.
- Daily sales to non-national accounts decreased 4.0%.
- 52.0% of Fastenal’s national accounts grew sales year-over-year.
- 50.9% of Fastenal’s in-market locations growing.
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Mark Powell
Mark Powell is MDM’s Associate Editor. He is a former mainstream news reporter and editor and has worked in the online, print, radio and TV news industries. Mark earned a bachelor’s degree from San Jose State University and a master’s degree from California State University, Bakersfield. He has lived and worked in various cities across California, Colorado and Kansas and currently lives in Shafter, California.
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