Ferguson's Margin Evolution

Ferguson does about 30% gross margins. They've actually increased those over the last decade by like roughly 3%. So how do you think about that margin evolution over the next say, three, five, 10 years? And is this an instance where the current margins are something closer to peak margins and the run rate margins are much lower? Maybe not much lower, but let's say, you know, 25 and 5 to 7 for EBIT.And then if, if not, why not? Sure, sure. It's a great, it's a great question. Yeah. In Ferguson's case, having scale, increasing their private label penetration, while being mindful of not upsetting their vendors

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