Fastenal Company in July announced its financial results for the quarter and six-month period ended June 30, 2017. Net sales increased $107.2, or 10.6 percent, from the second quarter of 2016 to the second quarter of 2017. The increase in net sales was driven primarily by higher unit sales, resulting from improvement in underlying market demand, growth in Fastenal’s industrial vending business, and growth in new and existing onsite locations (defined as dedicated sales and service provided from within, or in close proximity to, the customer’s facility).
Fastenal’s gross profit, as a percentage of net sales, improved 30 basis points to 49.8 percent in the second quarter of 2017 from 49.5 percent in the second quarter of 2016. Changes in product and customer mix continued to adversely impact gross profit.
Operating income, as a percentage of net sales, improved to 21.2 percent in the second quarter of 2017 from 20.6 percent in the second quarter of 2016.