Shares of Fastenal Co. (FAST, Financial), the leading distributor of industrial supplies, performed well during the quarter, as sales across the company's 2,600 branches remained strong, rising approximately 7-10% over the prior year's figures. These results were attributable to a rebound in domestic manufacturing, continued gains in market share from smaller competitors in this fragmented market, and the company's successful introduction to its customer base of vending machines that dispense industrial supplies directly to the manufacturing factory floor.
From Baron Funds' fourth quarter letter.
From Baron Funds' fourth quarter letter.
