Fastenal sales climb 23% in 1Q

Fastenal expects to open 150-200 stores this year

Fastenal, the giant MRO distributor headquartered in Minnesota, reported a 23 percent sales increase for the first quarter ended March 31, continuing its strong growth during 2010.

The company said several additional factors positively impacted its sales growth in the first quarter: the strengthening Canadian dollar (when compared to the United States dollar) that added approximately 0.7 percentage points to its daily sales growth in both 2011 and 2010 and its Holo-Krome business, which was acquired in December 200 that added approximately 0.5 percentage points to Fastenal’s daily sales growth in 2009, as there were no comparable sales in 2009.

In July 2010, Fastenal indicated its intention to open 80 to 95 new stores during the second half of 2010 (or an annualized rate of 6.8% to 8.0%). During the second half of 2010 the company opened 82 stores. In 2011, Fastenal intends to open 150 to 200 new stores, or an annualized rate of 6.0% to 8.0%. In the first quarter of 2011, Fastenal opened 37 new stores.