Fastenal sales up by 3.5 percent
Fastenal Company reported first quarter sales of $986.7 million increased by 3.5 percent from $953.3 million in the same period last year.
Net earnings of $126.2 million decreased by 1.1 percent from earnings of $127.6 million in last year's first quarter.
Per share earnings of 44 cents increased by 2.3 percent from net earnings per share of 43 cents in the same quarter last year.
Fastenal the increase in sales came primarily from higher unit sales. "The higher unit sales resulted primarily from increases in sales at older store locations and to a lesser degree the opening of new store locations in the last several years. Net sales were also impacted by some price deflation in our fastener products, which was a drag on growth," the company said in a prepared statement.
Fastenal also reported that sales in March increased by 4.5 percent to $357.1 million, compared to $341.6 million in March 2015.