Supplying PPE Products Helps Fastenal Sales

Fastenal Company had net sales of $1.5 million in the second quarter of 2020, an increase of 10.3 per cent over net sales of $1.4 million in the second quarter of 2019. The increase was due in part to the company’s efforts to support governments, first responders, and critical infrastructure entities by supplying personal protective equipment (PPE) products. As well, while fastener daily sales were down 22.5 per cent in April, in May, the rate of decline moderated to down 15.3 per cent and in June it moderated again to down 11.4 per cent. Overall gross profit, as a percentage of net sales, declined 230 basis points to 44.5 per cent compared to the year-ago period. Net earnings were $238.9 million, up 16.7 per cent compared to net earnings of $204.6 million last year.