Fastenal 2Q sales up 12.1 percent
Company closed 8 stores in 2Q and plans to close 45 more in second half of 2014.
Fastenal Company said its second-quarter sales jumped 12.1 percent to $949.9 million.
Net earnings for the quarter were $130.5 million, 7.9 percent higher than the same period last year. Earnings per share increased by 7.3 percent to 44 cents.
Sales for the first six months of the year were $1.8 billion, a 10.4 percent increase from $1.6 billion for the first six months of 2013.
The company closed eight stores during the second quarter and identified an additional 45 stores intended for closure in the second half of 2014. All but eight of the locations are in close proximity to another Fastenal store.
For the first six months of the year, Fastenal opened 17 stores and expects to open approximately 35 to 40 stores in total for 2014.
"The group of stores we identified for closure in the second half of 2014 was profitable in the first quarter of 2014 (our analysis measurement period); they operated with average sales of about $36,000 per month. We chose to close this group because we felt this was simply a better approach to growing our business profitably," the company said in a statement.
During the second quarter, average monthly sales per store companywide was $102,000, which is 10.9 percent higher than last year.
Click here for the full earnings statement.
CONTRACTOR SUPPLY MAGAZINE
The April/May 2024 issue of Contractor Supply magazine is here!
This digital edition is sponsored by BECK AMERICA Inc.
Our cover story, Masters of Fasteners, visits Interstate Screw Corp. of metro Miami, which serves the fastening needs of south Florida, the Caribbean and Central and South America.
Also in this issue,our Industry Updates cover Adhesives, Tapes and Sealants, Anchoring Systems and Safety and PPE.
This digital edition is fully searchable and contains live links to every advertiser and new product listing. Click away!
