It is hard to know how much weight to attach to an apparent slowdown in the pace of improvement at Wm Morrison in the second quarter of its financial year. The three months to July 31 was, as the company points out, the seventh consecutive quarter of like-for-like sales growth and suggests that the “fix, build and grow” strategy put in place by David Potts, the chief executive, after he took on the role in March 2015 is continuing to bring benefits.
On other measures — cash generation, the reduction of debt and the disposal of unwanted properties — Morrisons is ahead. Yet the rates of growth in like-for-like sales and those within the core retail business, the rise in customers and increase in the