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TheStreet Open House

Fastenal Company Reports 2012 Fourth Quarter And Annual Earnings

Stocks in this article: FAST

We achieve improvements in our relative profitability by increasing our gross margin, by structurally lowering our operating expenses, or both. We advance on the 'pathway to profit' by increasing the average store size (measured in terms of monthly sales), and by allowing the changing store mix to improve our profits. This is best explained by comparing the varying profitability of our 'traditional' stores in the table below. The average store size for the group, and the average age, number of stores, and pre-tax earnings data by store size for the fourth quarter of 2012, 2011, and 2010, respectively, were as follows:

 
Sales per Month Average Age (Years) Number of Stores Percentage of Stores Pre-Tax Earnings Percentage
Three months ended December 31, 2012 Average store sales = $83,098
$0 to $30,000 4.7 304 11.5% -14.4%
$30,001 to $60,000 7.6 830 31.3% 12.2%
$60,001 to $100,000 10.0 759 28.6% 21.3%
$100,001 to $150,000 12.9 375 14.1% 26.0%
Over $150,000 14.9 272 10.3% 28.8%
Strategic Account/Overseas Store   112 4.2%  
Company Total   2,652 100.0% 20.9%
         
   
Three months ended December 31, 2011 Average store sales = $78,781
$0 to $30,000 3.8 353 13.7% -13.7%
$30,001 to $60,000 7.2 882 34.1% 11.7%
$60,001 to $100,000 9.4 680 26.3% 21.3%
$100,001 to $150,000 12.0 352 13.6% 25.9%
Over $150,000 15.1 227 8.8% 27.4%
Strategic Account/Overseas Store   91 3.5%  
Company Total   2,585 100.0% 20.2%
         
   
Three months ended December 31, 2010 Average store sales = $67,643
$0 to $30,000 3.8 462 18.6% -13.2%
$30,001 to $60,000 6.8 952 38.2% 12.7%
$60,001 to $100,000 9.7 573 23.0% 22.0%
$100,001 to $150,000 12.2 276 11.1% 25.2%
Over $150,000 15.2 152 6.1% 27.1%
Strategic Account/Overseas Store   75 3.0%  
Company Total   2,490 100.0% 18.7%

Note – Amounts may not foot due to rounding difference.

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