It was a deceleration from January’s 11.2% growth, but another solid month nonetheless.
Fastenal reported its sales figures for the month of February on March 6, showing that the industrial supplies distributor and supply chain solutions provider continued to see strong year-over-year gains in early 2023.
Winona, Minnesota-based Fastenal — No. 7 on MDM’s 2022 Top Industrial Distributors List — reported February 2023 total sales of $582 million, up 9.6% year-over-year, with daily sales up by that same margin. The rate of increase trailed January’s daily sales growth of 11.2%.
The February 2023 daily sales growth rate of 9.6% topped the 9.3% projection from Baird’s Industrial Distribution Equity Research team.
By geography in February:
- U.S. daily sales increased 9.1% year-over-year, compared to 11.2% in January and 22.0% in February 2022
- Canada/Mexico sales increased 15.8% year-over-year, compared to 17.3% in January and 20.6% in February 2022
- All other International daily sales increased 0.1% year-over-year, compared to an 8.5% decrease in January and a 7.9% increase in February 2022
By end market in February:
- Manufacturing daily sales increased 15.8% year-over-year, compared to 17.0% in January and 25.8% in February 2022
- Non-residential construction daily sales decreased 1.8% year-over-year, compared to a 1.7% decrease in January and a 19.5% increase in February 2022
By product line in February:
- Fasteners daily sales increased 8.0% year-over-year, compared to 11.6% in January and 28.0% in February 2022
- Safety daily sales increased 3.2% year-over-year, compared to 6.2% in January and 18.8% in February 2022
- All other daily sales increased 13.8% year-over-year, compared to 14.1% in January and 17.3% in February 2022
By customer type in February:
- National accounts daily sales growth was 14.0% year-over-year, compared to 16.0% in January and 26.0% in February 2022
- Non-national accounts daily sales growth was 4.0% year-over-year, compared to 6.0% in January and 16.0% in February 2022
- 83.0% of Fastenal’s Top 100 national accounts grew daily sales year-over-year in February, compared to 78.0% in January and 89.0% in February 2022
- 59.5% of Fastenal’s public branches grew daily sales year-over-year in February, compared to 63.5% in January and 76.9% in February 2022
Fastenal ended February with a total company headcount of 22,706, up 0.6% from January and up 8.3% year-over-year. Total selling personnel headcount of 14,658 was up 7.1% year-over-year, while non-selling personnel was up 8.0%.
Looking forward, Baird is projecting March daily sales growth of 9.6% for Fastenal.
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Mike Hockett is MDM’s executive editor, having joined the publication in March 2022. He oversees MDM’s editorial content and direction, coordinates with contributing authors, conducts interviews with executives in the wholesale distribution space and serves as the editorial face of MDM at industry events. He has extensively covered the distribution and manufacturing sectors since 2014. Hockett earned a degree in print journalism from the University of Wisconsin-Eau Claire and works from his home in Madison, Wisconsin. He can be contacted at mike@mdm.com.
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