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Headquarters: Winona, MN
2015 Revenues: $3.9 billion
Change in Sales from 2014: 3.6%
2015 Acquisitions: Fasteners Inc.
Key Executives: Daniel L. Florness, president & CEO; Leland J. Hein, executive vice president, sales & director
Fastenal's leadership started its annual shareholder letter with these words: "From our perspective 2015 was a disappointing year." The core driver of the disappointing growth was customer contraction during the year.
As a result, the company announced plans to refocus its efforts on its previous growth strategies, including vending. But the focus shifted from simply deploying large numbers of machines to optimizing the machines that are already deployed, as well. In addition the distributor picked up the pace of new store openings in late 2015, opening 28 in the last three months of the year. That compares to 24 new stores in all of 2014.
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