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  "documentTitle": "Trian Partners | Activist Presentation Deck | 23 slides",
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  "authorName": "Trian Partners",
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  "presentationDate": "2019-11-01 00:00:00",
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  "notes": "The chart uses color coding to distinguish between Specialty/RMI-Oriented (green), Broadline Industrial MRO (grey), and Home Improvement Retail (blue) companies.",
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      "text": "Gross margin change across 10 companies",
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      "text": "Source: Company filings. (1) Uses Ferguson's consolidated gross margin as a proxy for US segment. (2) HD Supply consolidated gross margin, which includes the non-comparable Construction & Industrial business.",
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      "text": "...Strong Gross Margin Performance...",
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      "text": "Gross Margin Change (basis points) (Last 5 Fiscal Years)",
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