PPE Drives Fastenal Sales

Fastenal Company had net sales of $1.36 billion for the fourth quarter of 2020, an increase of 6.4 per cent over net sales of $1.28 billion in the fourth quarter of 2019. The increase was partially due to higher unit sales of safety and janitorial products in relation to demand for personal protective equipment (PPE) and sanitizer products to mitigate the impact of the pandemic. Sales of other product lines including fasteners remained negative compared to the year-ago period. Gross profit as a percentage of net sales declined 130 basis points to 45.6 per cent in the quarter from 46.9 per cent the previous year. Operating income as a percentage of net sales increased to 19.5 per cent from 18.7 per cent last year. Net earnings for the fourth quarter of 2020 were $196.1, an increase of 9.7 per cent compared to the fourth quarter of 2019.