Fastenal puts B2B ecommerce on the fast track

“Our ecommerce team hit a milestone,” Fastenal CEO Dan Florness told analysts on the company’s recent first quarter earnings call. “In March, we exceeded $100 million in revenue for the first time.”

For the first quarter ended March 31, Fastenal — which includes in its total digital sales footprint the sales occurring on, through EDI and via internet-connected vending machines at customer locations and vendor-managed inventory programs — increased total sales by 20.3% to $1.704 billion from $1.417 billion in the first quarter of 2021. Net earnings in the first quarter were $269.6 million compared with $210.6 million in the first quarter of 2021.

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