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October 03, 2008

Fastenal sales on the grow

Here's a quick tidbit:
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Fastenal Co., the Winona retailer of nuts and bolts, said its daily sales in September rose 14 percent from a year ago, higher than its internal forecast.

Sales for September, which include two more working days than in 2007, rose 26 percent from a year earlier, Fastenal said.

The company plans to release third-quarter earnings Oct. 13 but released the September data early because of the drop in share prices of some industrial stocks. Fastenal shares fell $2.40, or 5.3 percent, to close Thursday at $42.85.

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I wonder if the companies that Fastenal does business with know that they get gouged on their prices because the branches have incentives to make a HUGE margin so they can look good to investors, and get a tiny bonus.

I went to China back at the beginning of the year and vistied FastCo which is under Fastenal. Anyway, I was very suprised to see that they do way more than nuts and bolts. I learned a lot from them and how they operate in China. What was really shocking was seeing the communication between the chinese and the folks back in Winona. Anyway, I plan to do business with FastCo for other items not related to nuts and bolts. A lot of the products that they did for US compaines was really cheap. Major companies as well. I just can't see myself paying for some of the stuff here know I know how much they paid for it. I do agree they do rip people of and it's not even made in the US

They would (probably still do) charge a contractor one price at the beginning of the month for like a box of concrete anchors, and then charge them something radically higher for the same box of anchors at the end of the month to make more margin. Then it would be some lame excuse about volume purchasing, freight, whatever. This would be for all inventory, and didnt matter if you were the best or worst customer. It was all about mark up, and what you could sell for. This probably still happens in every market. Contractors beware...

It's pretty obvious when you have an axe to grind, folks.

There are no end of suppliers of this sort of stuff so if Fastenal really were doing such blatant rip offs their customers would soon be ex-. Given their business is growing this obviously isn't so.

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