(MENAFN- Baystreet.ca) Fastenal Company (NASDAQ:FAST) came out with third-quarter figures before the opening bell Friday.
The company, based in Winona, Minn., revealed that net sales increased $99.3, or 7.8%, in the third quarter of 2019 when compared to the similar quarter the year before Adjusting for the one additional selling day in the current period, our daily sales increased 6.1% from the third quarter of 2019 when compared to the third quarter of 2018.
Gross profit, as a percentage of net sales, declined 90 basis points to 47.2% in the third quarter of 2019 from 48.1% in the third quarter of 2018. The most significant factor behind the decline in Fastenal's gross profit percentage in the period was the success it has had generating sales growth as a result of our growth drivers
Operating income, as a percentage of net sales, declined to 20.4% in the third quarter of 2019 from 20.5% in the third quarter of 2018. The nominal decline was due to the lower gross margin, which offset the company's ability to leverage operating expenses.
Operating and administrative expenses (including the gain on sales of property and equipment), as a percentage of net sales, improved to 26.8% in the third quarter of 2019 compared to 27.6% in the third quarter of 2018.
Fastenal increased its absolute employee headcount by 379 people in its in-market locations and 756 people in total.
Fastenal shares jumped $4.55, or 14.5%, to $35.57
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