Fastenal Company Reports 2008 First Quarter Earnings
Fastenal Company Reports 2008 First Quarter Earnings Friday April 11, 7:50 am ET
WINONA, Minn., April 11 /PRNewswire-FirstCall/ -- The Fastenal Company of Winona, MN (Nasdaq: FAST - News) reported the results of the quarter ended March 31, 2008. Unless otherwise noted, dollar amounts are in thousands.
Net sales for the three-month period ended March 31, 2008 totaled $566,210, an increase of 15.8% over net sales of $489,157 in the first quarter of 2007. Net earnings increased from $54,033 in the first quarter of 2007 to $68,094 in the first quarter of 2008, an increase of 26.0%. Basic and diluted earnings per share increased from $.36 to $.46 for the comparable periods.
During the first quarter of 2008, Fastenal opened 53 new stores (Fastenal opened 73 new sites in the first quarter of 2007). These 53 new stores represent an increase of 2.5% since December 31, 2007. (We had 2,160 stores on December 31, 2007.) There were 12,535 total employees as of March 31, 2008, an increase of 4.3% from December 31, 2007 and 15.3% from March 31, 2007.
Note - Daily sales are defined as the sales for the month divided by the number of business days in the month.
Stores opened greater than five years - The impact of the economy, over time, is best reflected in the growth performance of our stores opened greater than five years (store sites opened as follows: 2008 group - opened 2003 and earlier, 2007 group - opened 2002 and earlier, and 2006 group - opened 2001 and earlier). This store group is more cyclical due to the increased market share they enjoy in their local markets. During each of the twelve months in 2006 and 2007, and the first three months of 2008, the stores opened greater than five years had daily sales growth rates of (compared to the comparable month in the preceding year):