Fastenal has Q2 increase

Fastenal Company, a wholesale distributor of industrial and construction supplies, had net sales of $1,883.1 million in the second quarter of 2023, an increase of 5.9% compared to net sales of $1,778.6 million in the second quarter of 2022. Higher unit sales contributed to the increase in sales. Gross profit as a percentage of sales declined to 45.5% in the quarter, from 46.5% in the prior-year period. Operating income, as a percentage of net sales, decreased to 21% from 21.6%. The company had net earnings of $298 million, up 3.8% compared to net earnings of $287.1 million last year.