Fastenal Company Sales Increase

Fastenal Company had net sales of $1,859 million for the first quarter of 2023, an increase of 9.1 per cent over net sales of $1,704 million in the first quarter of 2022. Higher unit sales contributed to the increase. Gross profit, as a percentage of net sales, declined to 45.7per cent in the quarter from 46.6 per cent in the prior-year period. The change in gross profit percentage reflected changes in customer and product mix and lower product margins. Operating income, as a percentage of net sales, increased to 21.2 per cent from 21 per cent in the prior year. Net earnings were $295.1 million, an increase of 9.5 per cent compared to the first quarter of 2022.