How Fastenal Plans to Recapture Fastener Business
1/18/2013 2:17:00 AM
FEATURE
Fastenal’s “dramatic” increase in its vending program — which grew 183% in 2012 — continues to make headlines.
While basking in the glory of that initiative, Fastenal executives took time to talk about lagging growth in the company’s fastener business.
“When I look at the — at what happened to our fastener business, the drop-off from 15% growth in the first quarter to 2.5% growth from the fourth quarter, I really see that as a pure indicator of the state of our economy, the state of the market we sell into, because the change is so abrupt, it was really a case of customers just purchasing less product because they’re producing less product themselves,” CFO Daniel Florness explained during a January 17 conference call transcribed by SeekingAlpha.com.
Click here to see Fastenal’s detailed plan to boost fastener sales.
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