@MarsC, Good question. But like all data sets, I just want to...

@MarsC,

Good question.

But like all data sets, I just want to make sure we are comparing the right things with one another.

By "WES", I assume you mean Bunnings, right?

Because if it is Bunnings, then you know that Bunnings is a lot more than plumbing supplies.

As a case in point, since 2013, when the building boom started, Reece's revenue has grown from $1.5bn to over $2.2bn (stripping out the $175m of Actrol revenues that were acquired in Jan., 2014).

I'm not sure the plumbing supplies market grew at that pace.

I'm busy with a note on Reece's next-largest competitor, Tradelink, which I'll post imminently. As you'll see in a few hours, Tradelink's sales are barely changed.