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Fastenal Adds Nearly 400 Store Personnel in January as Sales Growth Persists
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2017-02-21
Fastenal, reported its January sales results, led by continued year-over-year gains in daily sales and a sequential boost in store personnel.
The company posted January sales of $336 million, up 9.0 percent overall from a year earlier, and up 3.8 percent on a daily sales basis as January 2017 had one more selling day than in 2016.
It marked seven straight months of year-over-year daily sales growth for Fastenal and a healthy start to 2017.
The company's January daily sales to manufacturing customers grew by 4.7 percent, while sales to non-residential construction customers declined by 0.1 percent. Those figures follow a December manufacturing sales gain of 4.3 percent and construction decline of 1.6 percent.
Fastenal's January daily sales of fasteners declined by 1.9 percent year-over-year, while other sales grew by 7.1 percent. Those figures compare with December's decline of 2.7 percent for Fasteners and an identical 7.1 percent growth for other sales.
The company ended January with a total headcount 19,637, essentially the same as January, but notable was Fastenal net adding 388 selling personnel during the month — a 3.1 percent increase from December. The vast majority of the additions — 367 — were in store personnel. There was also a 2.6 percent increase in distribution personnel, with 60 employees added during January.
Fastenal opened two stores in January and didn't close any, bringing its total store count to 2,505 — down 4.8 percent year-over-year. In 2016, the company closed or consolidated 144 stores and opened 40.
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