6309 Monarch Park Place, Suite 203
Niwot, CO 80503, USA
Phone (303) 443-5060
Toll free (888) 742-5060
Headquarters: Winona, MN
2015 Revenues: $1.5 billion
Change in Sales from 2014: -1.3%
Employees: 20,746 (company total)
Locations: 2,622 (company total)
2015 Divestments: Fasteners Inc.
Key Executives: Daniel L. Florness, president & CEO; Leland J. Hein, Senior executive vice president, sales & director
While Fastenal started as a fasteners company, the share of revenue held by fasteners continues to decline. In 2015, fasteners accounted for 38.3 percent of total company sales, compared to 40.2 percent in 2014 and 42.1 percent in 2013.
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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