Improved Business Activity Impacts Fastenal Sales

Fastenal Company had net sales of $1.7 billion for the first quarter of 2022, an increase of 20.3 per cent compared to net sales of $1.42 billion in the first quarter of 2021. Daily sales increased 24.6 per cent year-over-year; safety product daily sales increased 15.3 per cent; and other products (tools, janitorial supplies, and cutting tools) daily sales increased 14.8 per cent. The company says the overall impact of product pricing on net sales in the first quarter was 580 to 610 basis points. This increase reflects pricing actions taken during 2021, particularly in the second half, and the first quarter of 2022 as part of the company’s strategy to mitigate the impact of marketplace inflation for its products, particularly fasteners, and transportation services. Net earnings were $296 million, up 28 per cent compared to $210.6 million in the year ago period.