Fastenal sees double-digit gains in second quarter
Second-quarter sales for Winona, Minn.-based Fastenal increased to $804.9 million, up 14.7% from the same quarter in 2011.
Net earnings for the company increased 19.3% to $112.3 million.
“The growth in the first three months of 2012 generally continued the relative strength we saw in 2011 and in most of 2010,” the company stated. However, the rate of daily sales growth slowed in the April to June 2012 time frame.
Though safely in the double digits, the specialty distributor’s growth in the quarter was affected negatively by currency exchange rates. Wall Street had expected slightly higher revenue figures.
The company ended the quarter with 2,635 stores, opening 53 new stores so far this fiscal year.
Fastenal ranked third on the 2012 Pro Dealer Scoreboard.
Single-serve coffee machines gaining traction
Although automatic drip coffee makers tend to be the most popular choice for U.S. households, single-serve machines (also known as pod or capsule coffee makers) are growing in popularity, according to a study by the NPD Group.
Key findings of “What’s Brewing in the Coffee Industry: The Impact of Single-Serve,” a survey completed in May 2012, show that 57% of U.S. households having an automatic drip machine. Pod/capsule machines are owned by 14% of households, while espresso makers, percolators and French presses own even smaller corners of the market (7%, 6% and 5%, respectively).
Overall, automatic drip makers are most likely to be chosen as the primary brewer in the home. However, compared with what was being used previously, pod/capsule systems are making significant gains, increasing their share from 5% of households using a pod/capsule machine as their primary brewer in the past to 18% currently.
Most brewers are being used, with very few sitting dormant. The most used brewer is the pod/capsule brewing system, with 96% of the systems owned being used either by members of the household or by guests.
Almost all users are very satisfied with their machines — 86% of automatic drip users and 90% of pod/capsule users’ state as much. However, pod/capsule users are extremely satisfied with their machines (57% versus 40% for automatic drip).
Bosch recalls SKIL miter saws
The U.S. Consumer Product Safety Commission, in cooperation with Robert Bosch Tool Corp., is recalling select models of the SKIL miter SkilSaw, a 10-in. compound miter saw. The lower guard on the tool can break and contact the blade during use, posing a laceration hazard to users. The firm has received no reports of incidents or injuries, however.
Approximately 22,149 units of the product, which was manufactured in China, were sold at Lowe’s nationwide and OC Tanner from January 2012 to April 2012.
Consumers should immediately stop using the miter saw and contact Robert Bosch Tool Corp. for a free lower guard replacement kit. For more information, visit skiltools.com.