6309 Monarch Park Place, Suite 203
Niwot, CO 80503, USA
Phone (303) 443-5060
Toll free (888) 742-5060
Parker Hannifin, Cleveland, OH, opened its 200th ParkerStore in Manassas, VA. The company has more than 400 worldwide. It launched the independently-owned branded storefront concept ten years ago in Cleveland, and plans to ramp up the pace of expansion, as the program has been successful reaching markets it wasn't penetrating. Keys to the concept: locales close to industrial product buyers; a convenient shopping environment with well-stocked shelves, wide aisles, displays, merchandizing aids; and knowledgeable sales people.
W.W. Grainger, Chicago, IL, announced a three- to five-year branch expansion program, focusing on 25 major metropolitan markets as well as selected secondary markets. The program in the first year targets three metropolitan markets ' Atlanta, Denver and Seattle ' with larger branches and more sales people. The company reportedly is also stirring the pot by altering its sales compensation plan and reducing each sales rep's accounts. This announcement paints more of a micro- vs. macro-market approach than the company has typically pursued.
Grainger reported flat sales and a 3 percent decline in diluted earnings per share for the third quarter ended Sept. 30. Sales were $1.2 billion in both the 2003 and 2002 third quarters. Net earnings of $56.8 million decreased 5 percent from the 2002 third quarter. The company said it expects to report flat sales for the full year.
Western Auto Supply Company, a wholly owned subsidiary of Advance Auto Parts, Inc. (NYSE: AAP), Roanoke, VA, announced that after 2003 it will no longer supply merchandise and services to its wholesale distribution network of 304 independent Western Auto dealers, as well as 44 other independent retailers. Advance, the second largest retailer of automotive parts in the U.S., reported 2002 net sales of $3.3 billion, with $83.7 million in sales through its wholesale business. The company has 2,500 stores in 38 states, Puerto Rico and the Virgin Islands. Advance Auto Parts serves both the do-it-yourself and professional installer markets.
The Power Transmission Distributors Association August trend data for distributors and manufacturers of power transmission/motion control (PT/MC) products showed U.S. distributors' year-to-date sales of PT/MC products decreased 0.2% as compared to sales for January through August in 2002. Sales were down 1.6%over the previous month and declined 5.7% as compared to August 2002.
The Fastenal Company, Winona, MN, reported net sales for the nine-month period ended Sept. 30 totaled $743.3 million, an increase of 8.3% over net sales of $686.2 million in the first nine months of 2002. The first nine months of 2002 included net sales of $16.8 million from the company's DIY Business, which was disposed of in October 2002. Adjusting for the DIY Business sale, growth in net sales of the remaining business was 11.0% from 2002 to 2003. Net earnings increased from $58.7 million in the first nine months of 2002 to $64.2 million in the first nine months of 2003, an increase of 9.5%. During the first nine months and the third quarter of 2003, Fastenal opened 106 and 35 new sites, respectively.
Applied Industrial Technologies, Cleveland, OH, reported that financial results for its fiscal 2004 first quarter, ended Sept. 30, 2003, were consistent with the company's previously provided guidance. Net sales for its first quarter ended Sept. 30 were $361.1 million,