Fastenal shows 15% gain in Q1

Winona, Minn.- based Fastenal has reported first-quarter net earnings of $56 million, up 15.1% from $48.6 million as reported for the same quarter last year.

Sales for the quarter ended March 31 were $520.7 million, up 6.4% from $489.3 million in the year-ago period.

During the quarter, the company opened 29 new stores, representing total growth of 1.2% from December 2009, compared with 33 stores in the first quarter of 2009.

The company attributed 1.5% of its gains to the strengthening of the Canadian dollar, as well as the company’s acquisition of Holo-Krome in December.