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Fastenal sales up 12.1% in Q2

Winona, Minnesota-based Fastenal Company reported steady progress for the second quarter of 2014, with sales and earnings both positive.

Net sales for the three-month period ended June 30, 2014 were $949.9 million, up 12.1% from the same period in 2013.

Net earnings came in at $130.5 million, an increase of 7.9% from last year's $121.0 million in earnings.

The company largely attributed the boost to higher unit sales and its recent investment in leadership and training, as well as in distribution and internal manufacturing capabilities.

Fastenal also noted eight store closings during the second quarter, with more identified for closing in the second half of the year. The company opened 17 stores in the first six months of 2014, with 35 to 40 openings expected in total for the year. Fastenal's total store count stands at over 2,600 across North America.


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