Fastenal stores, vending machines and employee count grow.
Latest In Fastenal
While still higher than the industry average, Fastenal's gross margin will be a big focus for the distributor in 2014.
Fastenal and United Natural Foods are taking changing costs into account.
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Daily sales increased 7.7 percent on average.
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CEO: Several factors including competitive pricing pressure drove the decline.
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CEO: Company underinvested in supporting vending in 2013.
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Fastenal CEO Will Oberton says data enables productive conversations that can save accounts.
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Fastenal is largely credited with driving the latest boom in industrial vending services among distributors. Fastenal had nearly 30,000 vending machines installed as of the end of the second quarter 2013, and while it recently backed off on its goal of 30,000 new vending machines this year, it continues to expand its program, called FAST Solutions, at a quick clip. Fastenal’s vending program has grown much faster than the competition’s.
This article is part of MDM’s series on the industrial vending market.
Staff Writer Angela Poulson spoke with Fastenal CEO Will Oberton about:
- The impetus for Fastenal’s vending program
- Why Fastenal backed off its aggressive goal for 2013
- What's next for Fastenal's vending program
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- Industrial Vending: A Runway for Growth
- Distributors Get Smarter About Vending
- The Counterfeit Challenge
Purchase the full MDM Special Report, The Industrial Vending Boom, in the MDM Store in PDF format.
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Daily sales to manufacturing customers grew 4.7 percent.
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Free vending machines are becoming the norm, but make sure the contract terms are clear.
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Average daily sales increased 2.9 percent.
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But executives report some softness in the latest quarter for manufacturing customers.
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CEO: Fastenals 30,000-machine goal for 2013 was overzealous.
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Growth for Fastenal was primarily due to strength with its industrial vending program.
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Daily sales averaged $13.1 million for the month.
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Daily sales increased 4.8 percent from year-ago levels.
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But management teams show cautious optimism.
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Distributor outlines how it has improved gross margin performance over the past couple of quarters.
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Sequestration had an impact on market, distributors say.
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The distributor installed 4,352 new industrial vending machines during the quarter.
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