Fastenal Posts 10% May Sales Increase

The distributor's fastener sales were down slightly compared to the same month last year.

Fastenal on Tuesday reported a double-digit jump in May sales compared to the same month last year, in part due to an additional business day this time around.

The Minnesota fastener and industrial supply distributor posted $649 million in May 2023 sales, up from $589 million in 2022. On a per-day average basis, sales were up 5.2%, climbing from $28 million to $29.5 million. Fastenal's U.S. sales were up 4% year-over-year.

The company once again saw sales to its manufacturing customers offset a drop in the non-residential construction segment. Manufacturing sales were up 9.7% on a daily basis, while construction sales fell by 9.5%.

Last month also saw a decline in fastener sales, which were off 0.6% year-over-year. Sales of safety products and other items increased by 6.8% and 9%, respectively.

Fastenal's overall employee headcount was 6.7% higher than at the end of May 2022.