There’s a familiar feel to the top of the City’s agenda today – Morrisons has recorded a slump in sales. This time out sales have fallen 6.3% on a like-for-like basis on the third quarter.
The Bradford-based supermarket, once the darling of the City, has suffered falling sales for two years as a combination of factors, not least the phenomenal rise of Aldi and Lidl, have hit performance.
In unveiling the latest set of ugly numbers, albeit a slowdown in the rate of falling sales, chief executive Dalton Philips has called for more time.
He has asked for two more years to turnaround the supermarket – but does he really deserve it?
Ultimately his strategy appears broadly right – opening more smaller shops, building online and tackling the discounters. But does it really say anything about why customers should shop at Morrisons and is three years fast enough given the torrid last two?