by Shabbar Husain Kothari
Investment Research
Special case: USANA Health Sciences Inc. (USNA)
USANA Health Sciences Inc. (USNA) develops and markets high-quality, science-based nutritional and personal care products that are distributed internationally through a network marketing system - a type of direct selling. The Company sells to two type of customers - ‘Associates’ and ‘Preferred Customers’. The former buy the product for personal use while doubling up as independent distributors. The latter involve users only without permission to distribute. USNA makes world-class health supplements to enhance well-being, performance, and to aid in protection from diseases. Its customers include professional athletes.
Polaris Industries Inc. (PII)
Polaris designs and manufactures off-road vehicles (ORVs), including all-terrain vehicles and side-by-side vehicles for recreational and utility purposes, snowmobiles, small vehicles, and on-road vehicles, including motorcycles and low-emission vehicles, along with the related replacement parts, garments, and accessories.
Fastenel Co. (FAST)
FAST is among the largest industrial distributors in North America. It takes pride in a large number of SKUs, its efficient supply chain, cost management and highly-trained personnel. FAST customers are businesses that expect to make frequent, predictable orders of industrial products intended for OEM and MRO.
Hibbett Sports, Inc. (HIBB)
Hibbett Sports Inc. (HIBB) operates small-box (5000 sq. feet) Sporting Goods retail stores in small counties in the United States with a population ranging from 25-75 thousand. It sells premium branded apparel and equipment, and almost always is located at strip centres, where a Wal-Mart store is the crowd-puller.
KIP Capital blog 