The company saw a sharp deceleration in daily sales, hampered by weather impacts during the month.

Fastenal snow

Less than three weeks after reporting its 2023 fourth quarter and full-year financial results, Fastenal shared its January sales report, showing a considerable step down in the distributor’s monthly growth rate.

Fastenal reported January total sales of $640 million, up 6.4% year-over-year, but up just 1.6% on a daily sales basis, as the month had an additional business day vs. 2023, while weather had an estimated -1.2% to -1.5% impact. It was a deceleration from December’s 5.3% daily sales growth.

Excluding that weather impact, Fastenal’s January daily sales growth would have been in line or slightly better than its 5-year benchmark average.

Overall, the Winona, MN-based company saw further sequential slowing in non-residential construction and fastener sales, which is consistent with the sentiment of a still soft industrial economy from other distributors and manufacturers. 

Find Fastenal’s detailed January performance breakdown below.

Daily sales growth by geography:

  • U.S. (84.0% of total) grew 4.8% year-over-year (+0.7% in December)
  • Canada/Mexico (12.6% of total) grew 9.4% YoY (+4.8% in Dec.)
  • Rest of World (3.3% of total) grew 12.9% YoY (+1.3% in Dec.)

Daily sales growth by end market:

  • Heavy manufacturing (43.2% of total) grew 3.3% YoY (+5.7% in Dec.)
  • Other manufacturing (31.6% of total) grew 0.7% YoY (+4.6% in Dec.)
  • Non-residential construction (8.3% of total) fell 8.6% YoY (-5.5% in Dec.)
  • Reseller (5.7% of total) fell 6.9% YoY (-6.9% in Dec.)
  • Other (11.2% of toral) grew 10.7% YoY (+21.0-% in Dec.)

Daily sales growth by product line:

  • Fasteners (31.2% of total) fell 6.0% YoY (-1.9% in Dec.)
  • Safety (22.4% of total) grew 9.7% YoY (+11.2% in Dec.)
  • Other (46.4% of total) grew 3.3% YoY (+6.4% in Dec.)

Growth metrics by customer/channel type:

  • 60.0% of Top 100 national accounts grew in January YoY, down from 68.0% in December
  • 49.1% of in-market locations grew in January YoY, down from 53.4% in December
  • National account daily sales grew 6.0% in January YoY, down from 11.0% in December
  • Non-national account daily sales fell 6.0% in January YoY, compared to -3% in December
  • Fastenal Managed Inventory sales grew 8.0% in January YoY, down from 11.0% in December
  • eProcurement sales grew 23.0% in January YoY, down from 28.0% in December


  • Fastenal ended January with a total headcount of 23,380, up 3.6% YoY and up 0.8% from December. Its full-time sales personnel headcount ended January at 14,971, up 2.1% YoY and down 0.7% from December.

On MDM’s 2023 Top Distributors Lists, Fastenal was No. 6 for Industrial, No. 4 for MRO, No. 7 for Fluid Power and No. 1 for Fasteners. The company posted 2023 total sales of $7.35 billion, up 5.2% vs. 2022.

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Mike Hockett

Mike Hockett

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 works from his home in Madison, WI. He can be contacted at

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