Fastenal sales up 22.9%

Fastenal reported that its second quarter sales rose 22.9% to $701.7 million, compared to $571.1 million in the same period last year.

Six-month sales totaled $1.34 billion, compared to $1.09 billion for the first six months of 2010. Net earnings for the Winona, Minn.-based distributor increased by 36.1% to $94.1 million for the quarter, compared to $69.1 for the same quarter in 2010.

Sales to manufacturing customers, which comprise about 50% of the company's total customer base, rose by 18.5% during the quarter. Meanwhile, sales to non-residential construction customers, which make up about 20 to 25% of total sales, rose by 15.8% during the quarter.

The company opened 75 new stores during the first six months of 2011, an increase of 3%, and hired 1,278 new employees, raising its employee headcount by 9.6% since the end of 2010.